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Working Paper
The economics of of 'Radiator Springs:' Industry dynamics, sunk costs, and spatial demand shifts
We measure industry evolution following permanent changes in the level and location of demand for gasoline in hundreds of counties during the time surrounding the completion of Interstate Highway segments. We find that the timing and margin of adjustment depends on whether the new highway is located close to or far from the old route. When the new highway is close to the old one, there is no evidence that the number of stations changes around the time it opens. However, average station size increases by 6% before the highway is completed. When the new highway is far from the old one (say, ...
Newsletter
The state of our interstates
President Obama's budget proposal emphasizes the importance of infrastructure investments for the nation's economic health, so now seems a good time to assess the condition of our country's major roads.