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Transport Poverty
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 betw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economies Of Agglomeration
One of the major subfields of urban economics, economies of agglomeration (or agglomeration effects), explains, in broad terms, how urban agglomeration occurs in locations where cost savings can naturally arise. This term is most often discussed in terms of economic firm productivity. However, agglomeration effects also explain some social phenomena, such as large proportions of the population being clustered in cities and major urban centers. Similar to economies of scale, the costs and benefits of agglomerating increase the larger the agglomerated urban cluster becomes. Several prominent examples of where agglomeration has brought together firms of a specific industry are: Silicon Valley and Los Angeles being hubs of technology and entertainment, respectively, in California, United States along with London, United Kingdom, being a hub of finance. Economies of agglomeration have some advantages. As more firms in related fields of business cluster together, their production ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Moral Hazard
In economics, a moral hazard is a situation where an economic actor has an incentive to increase its exposure to risk because it does not bear the full costs associated with that risk, should things go wrong. For example, when a corporation is insured, it may take on higher risk knowing that its insurance will pay the associated costs. A moral hazard may occur where the actions of the risk-taking party change to the detriment of the cost-bearing party after a financial transaction has taken place. Moral hazard can occur under a type of information asymmetry where the risk-taking party to a transaction knows more about its intentions than the party paying the consequences of the risk and has a tendency or incentive to take on too much risk from the perspective of the party with less information. One example is a principal–agent approach (also called agency theory), where one party, called an agent, acts on behalf of another party, called the principal. However, a principa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nobel Memorial Prize In Economic Sciences
The Nobel Memorial Prize in Economic Sciences, officially the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (), commonly referred to as the Nobel Prize in Economics(), is an award in the field of economic sciences administered by the Nobel Foundation, established in 1968 by Sveriges Riksbank (Sweden's central bank) to celebrate its 300th anniversary and in memory of Alfred Nobel. Although the Prize in Economic Sciences was not one of the original five Nobel Prizes established by Alfred Nobel's will, it is considered a member of the Nobel Prize system, and is administered and referred to along with the Nobel Prizes by the Nobel Foundation. Winners of the Prize in Economic Sciences are chosen in a similar manner to and announced alongside the Nobel Prize recipients, and receive the Prize in Economic Sciences at the Nobel Prize Award Ceremony. The laureates of the Prize in Economic Sciences are selected by the Royal Swedish Academy of Sciences, which ... [...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. He was a lifelong faculty member at Columbia University. A theorist who worked on public economics and mechanism design, Vickrey primarily discussed public policy problems. He originated the Vickrey auction, introduced the concept of congestion pricing in networks, formalized arguments for marginal cost pricing, and contributed to optimal income taxation. James Tobin described him as "an applied economist’s theorist, as well as a theorist’s applied economist.” 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. Vickrey never personally received the Prize; it was announced just three days prior to his death. Early years Vickrey was born in Victoria, British Columbia to Charles Vernon Vickrey, a Congregationalist minister, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Congestion Pricing
Congestion pricing or congestion charges is a system of surcharging users of public goods that are subject to congestion through excess demand, such as through higher peak charges for use of bus services, electricity, metros, railways, telephones, and road pricing to reduce traffic congestion; airlines and shipping companies may be charged higher fees for slots at airports and through canals at busy times. This pricing strategy regulates demand, making it possible to manage congestion without increasing supply. According to the economic theory behind congestion pricing, the objective of this policy is to use the price mechanism to cover the social cost of an activity where users otherwise do not pay for the negative externalities they create (such as driving in a congested area during peak demand). By setting a price on an over-consumed product, congestion pricing encourages the redistribution of the demand in space or in time, leading to more efficient outcomes. Si ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
I-80 Eastshore Fwy
I8 or I-8 may refer to: * Interstate 8, a highway in the southwestern United States * Interstate 8 (EP), ''Interstate 8'' (EP), an extended play by Modest Mouse * ''Resistance: Fall of Man'', a video game originally known as ''I-8'' * Straight-eight engine, an uncommon internal combustion engine * , a submarine of the Imperial Japanese Navy * BMW i8, a plug-in hybrid sports car * Uppland Regiment, a Swedish Army infantry regiment disbanded in 1957 * i8, a name for the Integer (computer science)#Common integral data types, 8-bit signed integer, especially in Rust (programming language), Rust See also * 8I (other) {{Letter-Number Combination Disambiguation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Good (economics)
In economics, a public good (also referred to as a social good or collective good)Oakland, W. H. (1987). Theory of public goods. In Handbook of public economics (Vol. 2, pp. 485–535). Elsevier. is a commodity, product or service that is both non-excludable and non-rivalrous and which is typically provided by a government and paid for through taxation. Use by one person neither prevents access by other people, nor does it reduce availability to others, so the good can be used simultaneously by more than one person. This is in contrast to a common good, such as wild fish stocks in the ocean, which is non-excludable but rivalrous to a certain degree. If too many fish were harvested, the stocks would deplete, limiting the access of fish for others. A public good must be valuable to more than one user, otherwise, its simultaneous availability to more than one person would be economically irrelevant. Capital goods may be used to produce public goods or services that are "...ty ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Externality
In economics, an externality is an Indirect costs, indirect cost (external cost) or indirect benefit (external benefit) to an uninvolved third party that arises as an effect of another party's (or parties') activity. Externalities can be considered as unpriced components that are involved in either consumer or producer consumption. Air pollution from motor vehicles is one example. The Air pollution#Health effects, cost of air pollution to society is not paid by either the producers or users of motorized transport. Water pollution from mills and factories are another example. All (water) consumers are made worse off by pollution but are not compensated by the market for this damage. The concept of externality was first developed by Alfred Marshall in the 1890s and achieved broader attention in the works of economist Arthur Cecil Pigou, Arthur Pigou in the 1920s. The prototypical example of a negative externality is environmental pollution. Pigou argued that a tax, equal to the m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Climate Change
Present-day climate change includes both global warming—the ongoing increase in Global surface temperature, global average temperature—and its wider effects on Earth's climate system. Climate variability and change, Climate change in a broader sense also includes previous long-term changes to Earth's climate. The current rise in global temperatures is Scientific consensus on climate change, driven by human activities, especially fossil fuel burning since the Industrial Revolution. Fossil fuel use, Deforestation and climate change, deforestation, and some Greenhouse gas emissions from agriculture, agricultural and Environmental impact of concrete, industrial practices release greenhouse gases. These gases greenhouse effect, absorb some of the heat that the Earth Thermal radiation, radiates after it warms from sunlight, warming the lower atmosphere. Carbon dioxide, the primary gas driving global warming, Carbon dioxide in Earth's atmosphere, has increased in concentratio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Traffic Congestion
Traffic congestion is a condition in transport that is characterized by slower speeds, longer trip times, and increased vehicular queueing. Traffic congestion on urban road networks has increased substantially since the 1950s, resulting in many of the roads becoming obsolete. When traffic demand is great enough that the interaction between vehicles slows the traffic stream, this results in congestion. While congestion is a possibility for any mode of transportation, this article will focus on automobile congestion on public roads. Mathematically, traffic is modeled as a flow through a fixed point on the route, analogously to fluid dynamics. As demand approaches the capacity of a road (or of the intersections along the road), extreme traffic congestion sets in. When vehicles are fully stopped for periods of time, this is known as a traffic jam or (informally) a traffic snarl-up or a tailback. Drivers can become frustrated and engage in road rage. Drivers and driver-focused r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
