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The value of life is an economic value used to quantify the benefit of avoiding a fatality. It is also referred to as the cost of life, value of preventing a fatality (VPF), implied cost of averting a fatality (ICAF), and value of a statistical life (VSL). In social and political sciences, it is the marginal cost of death prevention in a certain class of circumstances. In many studies the value also includes the quality of life, the expected life time remaining, as well as the earning potential of a given person especially for an after-the-fact payment in a wrongful death claim lawsuit.
Parking is the act of stopping and disengaging a vehicle and leaving it unoccupied. Parking on one or both sides of a road is often permitted, though sometimes with restrictions. Some buildings have parking facilities for use of the buildings' users. Countries and local governments have rules for design and use of parking spaces.
In economics, time preference is the current relative valuation placed on receiving a good or some cash at an earlier date compared with receiving it at a later date.
Cost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements. A CBA may be used to compare completed or potential courses of action, and to estimate or evaluate the value against the cost of a decision, project, or policy. It is commonly used to evaluate business or policy decisions, commercial transactions, and project investments. For example, the U.S. Securities and Exchange Commission must conduct cost-benefit analyses before instituting regulations or deregulations.
Carpooling is the sharing of car journeys so that more than one person travels in a car, and prevents the need for others to have to drive to a location themselves.
In economics, induced demand – related to latent demand and generated demand – is the phenomenon whereby an increase in supply results in a decline in price and an increase in consumption. In other words, as a good or service becomes more readily available and mass produced, its price goes down and consumers are more likely to buy it, meaning that demand subsequently increases. This is consistent with the economic theory of supply and demand.
Ecosystem valuation is an economic process which assigns a value to an ecosystem and/or its ecosystem services. By quantifying, for example, the human welfare benefits of a forest to reduce flooding and erosion while sequestering carbon, providing habitat for endangered species, and absorbing harmful chemicals, such monetization ideally provides a tool for policy-makers and conservationists to evaluate management impacts and compare a cost-benefit analysis of potential policies. However, such valuations are estimates, and involve the inherent quantitative uncertainty and philosophical debate of evaluating a range non-market costs and benefits.
Real estate economics is the application of economic techniques to real estate markets. It tries to describe, explain, and predict patterns of prices, supply, and demand. The closely related field of housing economics is narrower in scope, concentrating on residential real estate markets, while the research on real estate trends focuses on the business and structural changes affecting the industry. Both draw on partial equilibrium analysis, urban economics, spatial economics, basic and extensive research, surveys, and finance.
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The travel cost method of economic valuation, travel cost analysis, or Clawson method is a revealed preference method of economic valuation used in cost–benefit analysis to calculate the value of something that cannot be obtained through market prices. The aim of the method is to calculate willingness to pay for a constant price facility. The technique was first suggested by the statistician Sijan Neupane in a 1947 letter to the director of the National Park Service for a method to measure the benefit of recreation. The method was further refined by Trice and Wood (1958) and Clawson (1959). The technique is one approach to the estimation of a shadow price.
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In transport economics, the generalised cost is the sum of the monetary and non-monetary costs of a journey. It is sometimes used as a basis for judgements of transit accessibility and equitable distribution of public transit resources.
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In public transportation, schedule adherence or on-time performance refers to the level of success of the service remaining on the published schedule. On time performance, sometimes referred to as on time running, is normally expressed as a percentage, with a higher percentage meaning more vehicles are on time. The level of on time performance for many transport systems is a very important measure of the effectiveness of the system.
The OV-chipkaart is a contactless smart card system used for all public transport in the Netherlands. First introduced in the Rotterdam Metro in April 2005, it has subsequently been rolled out to other areas and travel modes. It fully replaced the national strippenkaart system for buses, trams, and metro trains in 2011, and the paper ticket system for rail travel in July 2014.
Transport, or transportation, is the movement of humans, animals, and goods from one location to another. In other words, the action of transport is defined as a particular movement of an organism or thing from a point A to a point B.
Public transport 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 city buses, trolleybuses, trams and passenger trains, rapid transit and ferries. Public transport between cities is dominated by airlines, coaches, and intercity rail. High-speed rail networks are being developed in many parts of the world.
The valuation of nonmarket housework comprises attempts to attach value to non-exchange domestic tasks. Housework may include a variety of activities, particularly those traditionally associated with housekeeping, along with child care and nurturing. These activities have recognizable economic and social significance, but are not included in standard economic measurements, such as the gross domestic product (GDP). While the symbolic or subjective benefits of housework are difficult to measure, various attempts have been made to attach value to economically productive household activity.
References
- ↑ Small, Kenneth A. (2012-12-01). "Valuation of travel time". Economics of Transportation. 1 (1–2): 2–14. doi:10.1016/j.ecotra.2012.09.002. ISSN 2212-0122.
- ↑ "Transport Analysis Guidance | WebTag". www.webtag.org.uk. Archived from the original on 9 March 2008. Retrieved 15 January 2022.
- ↑ "Revised Departmental Guidance on Valuation of Travel Time in Economic Analysis | US Department of Transportation".
- ↑ Goldszmidt, Ariel; List, John; Metcalfe, Robert; Muir, Ian; Smith, V. Kerry; Wang, Jenny (2020). "The Value of Time in the United States: Estimates from Nationwide Natural Field Experiments". doi:10.3386/w28208. S2CID 230543572.
{{cite journal}}: Cite journal requires|journal=(help) - ↑ Jara-Díaz, Sergio R. (2002), "The Goods/Activities Framework for Discrete Travel Choices", In Perpetual Motion, Elsevier, pp. 415–429, doi:10.1016/b978-008044044-6/50021-8, ISBN 978-0-08-044044-6
- ↑ Mackie, P.J., Wardman, M., Fowkes, A.S., Whelan, G.A., Nellthorp, J., Bates, J., 2003. Value of Travel Time Savings in the UK. Report to the Department for Transport.