Of course, this only allows one car (or maybe two, if the intersection is particularly large) per light cycle, which isn't much. People who enter the intersection on the yellow or red light (tailing the person who was in the intersection waiting to turn left) are turning illegally.
The real trick against gridlock is to equate the switch to green not as "go", but as "go, once the previous wave has cleared the intersection". The "don't enter before there is room for your car on the far side" is only an optimization on top of that.
The way traffic works is somewhat dependent on region. I can go to another city an hour away and already feel a bit alien traffic wise there. This is relevant in discussion on autonomous vehicles: in any foreseeable future we need them to coexist with human drivers and abide by unwritten "everyone drives like that here" rules.
21452. (a) A driver facing a steady circular yellow or yellow arrow signal is, by that signal, warned that the related green movement is ending or that a red indication will be shown immediately thereafter.
This is the case for NY state, see VTL 1175: http://www.safeny.ny.gov/rowa-vt.htm
https://leginfo.legislature.ca.gov/faces/codes_displaySectio...
Even all cars become autonomous, the problem will still be hard I believe. Hard coded rules may solve the problem but relying on communication and cooperation will not be easy.
Sometimes only one car, if the timing works out that way. Three is almost certainly too many. The ability of a car to judge the light timing requires near 180 degree vision and head pivoting on the part of a driver.
(GP: That's actually easy: random exponential binary backoff. It works for other domains quite well.)