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Vancouver council lowers speed limit to 30km/h on local streets to reduce collisions
(www.nationalobserver.com)
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Not much overall I would guess. Most people going 60-70 in a 50 zone usually just end up getting to the next red light faster, wasting their gas and wearing down their brakes faster.
There definitely is a bit of that, although they also skip some lights they would have been stuck behind. If we model the lights as uncorrelated random stops, increased speed should still decrease travel time the same way.