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Value Of Time
In transport economics, the value of time is the opportunity cost of the time that a traveler spends on their journey. In essence, this makes it the amount that a traveler would be willing to pay in order to save time, or the amount they would accept as compensation for lost time. One of the main justifications for transport improvements is the amount of time that travelers will save. Using a set of values of time, the economic benefits of a transport project can be quantified in order to compare them to the costs (thus forming the basis of cost-benefit analysis). In particular, savings (or, for that matter, increases) in travel time form part of the change in consumer surplus for a transport project. Calculating the value of time Values of time are used to calculate the non-monetary costs incurred as part of a journey, so that the generalized cost of the journey (a combination of both monetary and non-monetary costs) can be calculated. The value of time varies considerably fro ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Transport Economics
Transport economics is a branch of economics founded in 1959 by American economist John R. Meyer that deals with the allocation of resources within the transport sector. It has strong links to civil engineering. Transport economics differs from some other branches of economics in that the assumption of a spaceless, instantaneous economy does not hold. People and goods flow over networks at certain speeds. Demands peak. Advance ticket purchase is often induced by lower fares. The networks themselves may or may not be competitive. A single trip (the final good, in the consumer's eyes) may require the bundling of services provided by several firms, agencies and modes. Although transport systems follow the same supply and demand theory as other industries, the complications of network effects and choices between dissimilar goods (e.g. car and bus travel) make estimating the demand for transportation facilities difficult. The development of models to estimate the likely choices be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Approach To Appraisal
The New Approach to Appraisal (also NATA) was the name given to a multi-criteria decision framework used to appraise transport projects and proposals in the United Kingdom. NATA was built on the well established cost–benefit analysis and environmental impact assessment techniques (such as those contained in the Highways Agency's Design Manual for Roads and Bridges (DMRB)) for assessing transport projects and proposals. In April 2011 the Coalition Government decided that the term NATA would no longer be used. However, the principles and key elements of the NATA framework remain in the Department for Transport's Transport Analysis Guidance (TAG). History NATA was introduced by the then Department for Transport, Environment and the Regions as part of the 1998 Integrated Transport White Paper and first used in the 1998 review of trunk road schemes. Its development reflected the new Labour Government's aim of providing a more balanced approach to transport appraisals, in ter ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Time Geography
Time geography or time-space geography is an evolving transdisciplinary perspective on spatial and temporal processes and events such as social interaction, ecological interaction, social and environmental change, and biographies of individuals. Time geography "is not a subject area per se", but rather an integrative ontological framework and visual language in which space and time are basic dimensions of analysis of dynamic processes. Time geography was originally developed by human geographers, but today it is applied in multiple fields related to transportation, regional planning, geography, anthropology, time-use research, ecology, environmental science, and public health. According to Swedish geographer Bo Lenntorp: "It is a basic approach, and every researcher can connect it to theoretical considerations in her or his own way." Origins The Swedish geographer Torsten Hägerstrand created time geography in the mid-1960s based on ideas he had developed during his earlier empi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utility
As a topic of economics, utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness as part of the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill. The term has been adapted and reapplied within neoclassical economics, which dominates modern economic theory, as a utility function that represents a single consumer's preference ordering over a choice set but is not comparable across consumers. This concept of utility is personal and based on choice rather than on pleasure received, and so is specified more rigorously than the original concept but makes it less useful (and controversial) for ethical decisions. Utility function Consider a set of alternatives among which a person can make a preference ordering. The utility obtained from these alternatives is an unknown function of the utilities obtained from each alternative, not the su ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Revealed Preference
Revealed preference theory, pioneered by economist Paul Anthony Samuelson in 1938, is a method of analyzing choices made by individuals, mostly used for comparing the influence of policies on consumer behavior. Revealed preference models assume that the preferences of consumers can be revealed by their purchasing habits. Revealed preference theory arose because existing theories of consumer demand were based on a diminishing marginal rate of substitution (MRS). This diminishing MRS relied on the assumption that consumers make consumption decisions to maximise their utility. While utility maximisation was not a controversial assumption, the underlying utility functions could not be measured with great certainty. Revealed preference theory was a means to reconcile demand theory by defining utility functions by observing behaviour. Therefore, revealed preference is a way to infer the preferences of individuals given the observed choices. It contrasts with attempts to directly meas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
London
London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a major settlement for two millennia. The City of London, its ancient core and financial centre, was founded by the Roman Empire, Romans as ''Londinium'' and retains its medieval boundaries.See also: Independent city#National capitals, Independent city § National capitals The City of Westminster, to the west of the City of London, has for centuries hosted the national Government of the United Kingdom, government and Parliament of the United Kingdom, parliament. Since the 19th century, the name "London" has also referred to the metropolis around this core, historically split between the Counties of England, counties of Middlesex, Essex, Surrey, Kent, and Hertfordshire, which largely comprises Greater London ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pedestrian
A pedestrian is a person traveling on foot, whether walking or running. In modern times, the term usually refers to someone walking on a road or pavement, but this was not the case historically. The meaning of pedestrian is displayed with the morphemes ''ped-'' ('foot') and ''-ian'' ('characteristic of'). This word is derived from the Latin term ''pedester'' ('going on foot') and was first used (in English language) during the 18th century. It was originally used, and can still be used today, as an adjective meaning plain or dull. However, in this article it takes on its noun form and refers to someone who walks. The word pedestrian may have been used in middle French in the Recueil des Croniques et Anchiennes Istories de la Grant Bretaigne, à présent nommé Engleterre. In California the definition of a pedestrian has been broadened to include anyone on any human powered vehicle that is not a bicycle, as well as people operating self-propelled wheelchairs by reason of p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
London Underground
The London Underground (also known simply as the Underground or by its nickname the Tube) is a rapid transit system serving Greater London and some parts of the adjacent counties of Buckinghamshire, Essex and Hertfordshire in England. The Underground has its origins in the Metropolitan Railway, the world's first underground passenger railway. Opened on 10 January 1863, it is now part of the Circle, District, Hammersmith & City and Metropolitan lines. The first line to operate underground electric traction trains, the City & South London Railway in 1890, is now part of the Northern line. The network has expanded to 11 lines, and in 2020/21 was used for 296 million passenger journeys, making it one of the world's busiest metro systems. The 11 lines collectively handle up to 5 million passenger journeys a day and serve 272 stations. The system's first tunnels were built just below the ground, using the cut-and-cover method; later, smaller, roughly circular tu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rail Transport
Rail transport (also known as train transport) is a means of transport that transfers passengers and goods on wheeled vehicles running on rails, which are incorporated in tracks. In contrast to road transport, where the vehicles run on a prepared flat surface, rail vehicles ( rolling stock) are directionally guided by the tracks on which they run. Tracks usually consist of steel rails, installed on sleepers (ties) set in ballast, on which the rolling stock, usually fitted with metal wheels, moves. Other variations are also possible, such as "slab track", in which the rails are fastened to a concrete foundation resting on a prepared subsurface. Rolling stock in a rail transport system generally encounters lower frictional resistance than rubber-tyred road vehicles, so passenger and freight cars (carriages and wagons) can be coupled into longer trains. The operation is carried out by a railway company, providing transport between train stations or freight customer ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Department For Transport
The Department for Transport (DfT) is a department of His Majesty's Government responsible for the English transport network and a limited number of transport matters in Scotland, Wales and Northern Ireland that have not been devolved. The department is run by the Secretary of State for Transport, currently (since 25 October 2022) Mark Harper. The expenditure, administration and policy of the Department for Transport are scrutinised by the Transport Committee. History The Ministry of Transport was established by the Ministry of Transport Act 1919 which provided for the transfer to the new ministry of powers and duties of any government department in respect of railways, light railways, tramways, canals and inland waterways, roads, bridges and ferries, and vehicles and traffic thereon, harbours, docks and piers. In September 1919, all the powers of the Road Board, the Ministry of Health, and the Board of Trade in respect of transport, were transferred to the new min ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Opportunity Cost
In microeconomic theory, the opportunity cost of a particular activity is the value or benefit given up by engaging in that activity, relative to engaging in an alternative activity. More effective it means if you chose one activity (for example, an investment) you are giving up the opportunity to do a different option. The optimal activity is the one that, net of its opportunity cost, provides the greater return compared to any other activities, net of their opportunity costs. For example, if you buy a car and use it exclusively to transport yourself, you cannot rent it out, whereas if you rent it out you cannot use it to transport yourself. If your cost of transporting yourself without the car is more than what you get for renting out the car, the optimal choice is to use the car yourself. In basic equation form, opportunity cost can be defined as: "Opportunity Cost = (returns on best Forgone Option) - (returns on Chosen Option)." The opportunity cost of mowing one’s own l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
