Time is money, the saying says. I can prove it.

Hong Kong island has three tunnels to Kowloon. There is now a fuss because the Eastern tunnel toll will rise by HK$10 to HK$25 from May. This has seen the usual hand-wringing over the "problem" of the differential pricing of each tunnel. The Western tunnel costs HK$40 each way, the Central tunnel $20 and now the Eastern $25. The media are full of those who suggest the Government should "do something" and force all the tunnels to charge the some toll. This would, or so the theory goes, reduce the massive congestion at the Central tunnel and is "fairer" to everyone.

Baloney. While not perfect substitutes, the 3 tunnels are competitors. On the weekend I drove through both the Western and Eastern tunnels, where there was little traffic, while the Central tunnel was jam-packed. Those sitting in the traffic jam are all well aware of the two alternatives. Many rule out the Western tunnel as too expensive and the Eastern tunnel as too far away. That is their choice and their cost is sitting in the traffic jam. They are weighing the benefits of paying a lower toll against the extra time it takes to go through the tunnel against the convenience of the tunnel's location. In other words they are putting a price on their time (QED). There are solutions to the congestion at the Central tunnel, such as variable road pricing. But forcing the three tunnels to offer the same toll isn't the answer. Hong Kong has enough price-fixing cartels already.