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Mohring Effect
The Mohring effect is the observation that, if the frequency of a transit service (e.g., buses per hour) increases with demand, then a rise in demand shortens the waiting times of passengers at stops and stations. Because waiting time forms part of the costs of transportation, the Mohring effect implies increasing returns to scale for scheduled urban transport services. The effect was named for the University of Minnesota economist Herbert Mohring, who identified this property in a 1972 paper. Example For example, suppose that passengers arrive randomly at a bus stop over the course of an hour, while the bus arrives once per hour. The average waiting time is 30 minutes. If the number of passengers per hour increases sufficiently to justify two buses per hour, then the average waiting time falls to 15 minutes. The presence of additional users lowers the cost of existing passengers. This anti-congestion effect is opposite to the usual road congestion effect, where an increase in th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Transport
Public transport (also known as public transportation, public transit, mass transit, or simply transit) is a system of transport for passengers by group travel systems available for use by the general public unlike private transport, typically managed on a schedule, operated on established routes, and that charge a posted fee for each trip. There is no rigid definition; the ''Encyclopædia Britannica'' specifies that public transportation is within urban areas, and air travel is often not thought of when discussing public transport—dictionaries use wording like "buses, trains, etc." Examples of public transport include Public transport bus service, city buses, trolleybuses, trams (or light rail) and Passenger rail transport, passenger trains, rapid transit (metro/subway/underground, etc.) and ferry, ferries. Public transport between cities is dominated by airlines, intercity bus service, coaches, and intercity rail. High-speed rail networks are being developed in many parts ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Increasing Returns
In economics, diminishing returns are the decrease in marginal (incremental) output of a production process as the amount of a single factor of production is incrementally increased, holding all other factors of production equal ( ceteris paribus). The law of diminishing returns (also known as the law of diminishing marginal productivity) states that in productive processes, increasing a factor of production by one unit, while holding all other production factors constant, will at some point return a lower unit of output per incremental unit of input. The law of diminishing returns does not cause a decrease in overall production capabilities, rather it defines a point on a production curve whereby producing an additional unit of output will result in a loss and is known as negative returns. Under diminishing returns, output remains positive, however productivity and efficiency decrease. The modern understanding of the law adds the dimension of holding other outputs equal, since ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Minnesota
The University of Minnesota, formally the University of Minnesota, Twin Cities, (UMN Twin Cities, the U of M, or Minnesota) is a public university, public Land-grant university, land-grant research university in the Minneapolis–Saint Paul, Twin Cities of Minneapolis and Saint Paul, Minnesota, United States. The Twin Cities campus comprises locations in Minneapolis and Falcon Heights, Minnesota, Falcon Heights, a suburb of St. Paul, approximately apart. The Twin Cities campus is the oldest and largest in the University of Minnesota system and has the List of United States university campuses by enrollment, ninth-largest main campus student body in the United States, with 52,376 students at the start of the 2021–22 academic year. It is the Flagship#Colleges and universities in the United States, flagship institution of the University of Minnesota System, and is organized into 19 colleges, schools, and other major academic units. The Minnesota Territorial Legislature drafted a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economist
An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophy, philosophical theory, theories to the focused study of minutiae within specific Market (economics), markets, macroeconomics, macroeconomic analysis, microeconomics, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, Computational economics, economics computational models, financial economics, mathematical finance and mathematical economics. Professions Economists work in many fields including academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Herbert Mohring
Herbert Mohring (1928 – June 4, 2012) was a transportation economist who taught at the University of Minnesota from 1961–1994. He received his Ph.D. from Massachusetts Institute of Technology in 1959, with a thesis on the life insurance industry supervised by Robert Solow. He is widely known for his identification of what was dubbed the Mohring effect of increasing returns in public transportation (see: Mohring (1972) for details). Mohring and Harwitz (1962) also showed that the revenues from the first-best congestion tax exactly cover the capacity costs (which include depreciation and capital costs, but not investment costs) of highways when highways possess constant returns to scale. Selected works * Mohring, Herbert, Optimization and Scale Economies in Urban Bus Transportation, ''American Economic Review The ''American Economic Review'' is a monthly peer-reviewed academic journal published by the American Economic Association. First published in 1911, it is considered ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Economic Review
The ''American Economic Review'' is a monthly peer-reviewed academic journal published by the American Economic Association. First published in 1911, it is considered one of the most prestigious and highly distinguished journals in the field of economics. The current editor-in-chief is Esther Duflo, an economic professor at the Massachusetts Institute of Technology. The journal is based in Pittsburgh. In 2004, the ''American Economic Review'' began requiring "data and code sufficient to permit replication" of a paper's results, which is then posted on the journal's website. Exceptions are made for proprietary data. Until 2017, the May issue of the ''American Economic Review'', titled the ''Papers and Proceedings'' issue, featured the papers presented at the American Economic Association's annual meeting that January. After being selected for presentation, the papers in the ''Papers and Proceedings'' issue did not undergo a formal process of peer review. Starting in 2018, papers pr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marginal Cost
In economics, the marginal cost is the change in the total cost that arises when the quantity produced is incremented, the cost of producing additional quantity. In some contexts, it refers to an increment of one unit of output, and in others it refers to the rate of change of total cost as output is increased by an infinitesimal amount. As Figure 1 shows, the marginal cost is measured in dollars per unit, whereas total cost is in dollars, and the marginal cost is the slope of the total cost, the rate at which it increases with output. Marginal cost is different from average cost, which is the total cost divided by the number of units produced. At each level of production and time period being considered, marginal cost includes all costs that vary with the level of production, whereas costs that do not vary with production are fixed. For example, the marginal cost of producing an automobile will include the costs of labor and parts needed for the additional automobile but not the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William Vickrey
William Spencer Vickrey (21 June 1914 – 11 October 1996) was a Canadian-American professor of economics and Nobel Laureate. Vickrey was awarded the 1996 Nobel Memorial Prize in Economic Sciences with James Mirrlees for their research into the economic theory of incentives under asymmetric information, becoming the only Nobel laureate born in British Columbia. The announcement of his Nobel Prize was made just three days prior to his death. Vickrey died while traveling to a conference of Georgist academics that he helped found and never missed once in 20 years. His Columbia University economics department colleague C. Lowell Harriss accepted the posthumous prize on his behalf. There are only three other cases where a Nobel Prize has been presented posthumously. Early years Vickrey was born in Victoria, British Columbia and attended high school at Phillips Academy in Andover, Massachusetts. After obtaining his B.S. in Mathematics at Yale University in 1935, he went on to comp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Average Cost
In economics, average cost or unit cost is equal to total cost (TC) divided by the number of units of a good produced (the output Q): AC=\frac. Average cost has strong implication to how firms will choose to price their commodities. Firms’ sale of commodities of certain kind is strictly related to the size of the certain market and how the rivals would choose to act. Short-run average cost Short-run costs are those that vary with almost no time lagging. Labor cost and the cost of raw materials are short-run costs, but physical capital is not. An average cost curve can be plotted with cost on the vertical axis and quantity on the horizontal axis. Marginal costs are often also shown on these graphs, with marginal cost representing the cost of the last unit produced at each point; marginal costs in the short run are the slope of the variable cost curve (and hence the first derivative of variable cost). A typical average cost curve has a U-shape, because fixed costs are all inc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Positive Externality
In economics, an externality or external cost is an indirect cost or benefit to an uninvolved third party that arises as an effect of another party's (or parties') activity. Externalities can be considered as unpriced goods involved in either consumer or producer market transactions. Air pollution from motor vehicles is one example. The cost of air pollution to society is not paid by either the producers or users of motorized transport to the rest of society. Water pollution from mills and factories is another example. All consumers are all made worse off by pollution but are not compensated by the market for this damage. A positive externality is when an individual's consumption in a market increases the well-being of others, but the individual does not charge the third party for the benefit. The third party is essentially getting a free product. An example of this might be the apartment above a bakery receiving the benefit of enjoyment from smelling fresh pastries every mornin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Network Effect
In economics, a network effect (also called network externality or demand-side economies of scale) is the phenomenon by which the value or utility a user derives from a good or service depends on the number of users of compatible products. Network effects are typically positive, resulting in a given user deriving more value from a product as more users join the same network. The adoption of a product by an additional user can be broken into two effects: an increase in the value to all other users ( "total effect") and also the enhancement of other non-users' motivation for using the product ("marginal effect"). Network effects can be direct or indirect. Direct network effects arise when a given user's utility increases with the number of other users of the same product or technology, meaning that adoption of a product by different users is complementary. This effect is separate from effects related to price, such as a benefit to existing users resulting from price decreases as m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of Transport Economics And Policy
A journal, from the Old French ''journal'' (meaning "daily"), may refer to: *Bullet journal, a method of personal organization *Diary, a record of what happened over the course of a day or other period *Daybook, also known as a general journal, a daily record of financial transactions *Logbook, a record of events important to the operation of a vehicle, facility, or otherwise *Record (other) *Transaction log, a chronological record of data processing *Travel journal In publishing, ''journal'' can refer to various periodicals or serials: *Academic journal, an academic or scholarly periodical **Scientific journal, an academic journal focusing on science **Medical journal, an academic journal focusing on medicine **Law review, a professional journal focusing on legal interpretation *Magazine, non-academic or scholarly periodicals in general **Trade magazine, a magazine of interest to those of a particular profession or trade **Literary magazine, a magazine devoted to literat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
