Abstract
This paper studies the behavior of an optimizing driver on a freeway and the equilibrium speed at which specified flows of traffic move. It shows that both when passing is not allowed (the standard car-following framework of the engineering literature) and when it is permitted, the equilibria tend to exhibit speeds below the Pareto optimal speeds. The flat congestion toll proposed by Oron, Pines and Sheshinski (1973) does not, by itself, bring about Pareto optimality.
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