Shaofeng Xu

  1. The Exchange Value Embedded In A Transport System.

    Authors: Qinglan Xia, Shaofeng Xu
    Subjects: Optimization and Control
    Abstract

    This paper shows that a well designed transport system has an embedded
    exchange value by serving as a market for potential exchange between consumers.
    Under suitable conditions, one can improve the welfare of consumers in the
    system simply by allowing some exchange of goods between consumers during
    transportation without incurring additional transportation costs. We propose an
    explicit valuation formula to measure this exchange value for a given
    compatible transport system. This value is always nonnegative and bounded from
    above.

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