It is argued in this paper that those who travel fastest and farthest occasion the greatest public cost. And in an area of limits, some of society's long established priorities in transportation are no longer appropriate. The author suggests creating a market for VMT (Vehicle Miles Travelled). By doing this the people who do the least harm can become the most valued. The market idea is to set a limit on the total volume rate of pollutants that are emitted within the air basin (a limit that declines each year until the final limit is attained), and to let the pollution generators buy and sell the rights to shares of the overall limit. The paper describes the ideas, anticipated effects and how the first step towards such a VTM market could be taken.
Abstract