Congestion pricing with continuously distributed values of time

We develop a model for steady-state congestion pricing in which the Value o f time has a continuous distribution. Extensions of the usual formula for t he toll that maximises the social benefit are found. Different optimal toll s art: found depending on whether the social welfare function is measured i n money or time units, and whether toll revenue is or is dot included as pa rt of the benefit. Distribution effects among the population are examined. Ranges of Pareto efficient tolls under different assumptions concerning the distribution of toll revenue are identified.