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The first edition of Transport Economics appeared in 1982. This, the fourth edition, provides an update of the subject together with current data, case studies, and examples. A lot has changed in the study of transport economics over the past 40 years, and changes continue. Many of these are the result of a better understanding of economics in general. Others are more transport-specific and reflect social, technical, and political developments. An updating of Transport Economics is seen as necessary to reflect both of these broad categories of change. Improved and more complete data, greater use of mathematics and advanced econometrics, the emergence of experimental economics, and advances in computer technology have seen more technical rigor introduced into economics. And the changes have been part of the way transport economics has changed. This revised edition of Transport Economics reflects some of these developments. But these are refinements rather than revolutions. Much of our core understanding of transport economics remains intact. The increased recognition of the role of behavioral economics which allows relaxation of some traditional assumptions regarding human behavior is, for example, still seen by most as a refinement rather than a major paradigm shift. Although conforming to general economic rules, transport is also very contextual and contexts change. There have been, for example, major technology changes, even over the decade since the appearance of the last edition of this book. New forms of local transport have emerged including transportation network companies like Uber and Lyft and micromobility modes such as electricscooters. The development of the smartphone, and in particular Apple’s iPhone in 2007, has led to almost universal access to global positioning systems and, with this, real-time information for route guidance and tracking. This has affected both the ways individuals plan and adjust their travel as well as the ways in which freight-supply chains are designed and operated. These, and other technology shifts, influence the specifics of individual markets and are considered in this new edition. Additionally, much of the drafting of this edition took place during the Covid-19 pandemic. The impact of this, and the associated policy actions to reduce its spread, had immediate and obvious implications for transport at all levels of aggregation. In many cases, such as commuting, shopping, and tourism it reduced individual travel greatly. In other cases, as with the transport of medication and the home delivery of food and other supplies, it increased the movement of goods is specific types of markets. Supply-chain economics has taken on new dimensions in our lives. These are certainly matters of the moment and require the immediate attention of politicians and practitioners as well as filling the media. But their longer-term effects are less certain. While, at the time of writing, there has been evidence of a movement back to something like what may be considered ‘the norm’ that prevailed before 2020, the precise details of how the post-pandemic world will look are still unclear. What is assumed here is that the fundamentals of transport economics essentially remain intact even if the qualitative and quantitative parameters change post-Covid. In other words, the theories and methodologies underpinning transport economics remain valid, even though the magnitudes of individual parameters in specific markets may have changed. The basic principles of supply and demand still hold: if the price of gasoline rises, less will still be demanded even if the effect is quantitively different to past experiences. The book retains the 14-chapter format of recent past editions. This broadly conforms to a chapter a week per semester. The chapters, although following a particular path, can also be used independently as free-standing modules. To assist in pedagogy, 20 or so free-standing ‘Exhibits’ now provide a variety of case studies and narratives to supplement the text. These are designed to add greater flesh to the economic theory. More up-to-date examples and illustrations also make the understanding of economic principles easier and assist in the assimilation of economic concepts. Additionally, there are changes to the referencing style compared to the three previous editions. I adopt the Harvard Manual (author–date citation) style in place of the Chicago (footnote) style. This is more in line with usage in modern economic writing. The referencing is still light and focuses on material useful when following up ideas and events. The book remains a mixture of prose, tables, figures, graphs, and equations, the aim being to help understanding rather than to overpower or impress the reader with advanced technique. As in the past, I hope that teachers, students, and other readers will find the new edition of Transport Economics interesting and useful.