Abstract
Most textbooks on welfare economics see the issue of equity as being a central issue (e.g., Johanson, 1991). However, this issue is less often explicitly recognised when it comes to applied studies of transport economic issues. Yet it is clearly a central feature of many debates over transport pricing and investment decisions. In this chapter, the author discusses the two concepts of efficiency and equity, and then considers their application to transport pricing and appraisal decisions. He then considers explicitly the concept of social exclusion and its relevance for transport decisions before reaching some conclusions.