The economics of cordon tolling: General equilibrium and welfare analysis

► General equilibrium analysis of optimal cordon tolling in Chicago MSA, using the RELU-TRAN model. ► Decomposing benefits of cordon tolling into utility, revenue and real estate value gains. ► CBD and City cordons decentralize jobs, decrease output inside the cordon but raise it outside. ► A cordon around inner suburbs centralizes jobs, raises output inside and lowers it outside.