Snap Judgements and Availability Bias in Travel Decisions

2021 ◽  
pp. 036119812110159
Author(s):  
William Riggs ◽  
Louis Yudowitz
Keyword(s):  
Travel Behavior ◽  
Behavioral Response ◽  
New Technology ◽  
Past Research ◽  
Public Agencies ◽  
Availability Bias ◽  
Economic Decisions ◽  
Important Policy ◽  
Travel Decisions ◽  
The Cost

Past research has explored how travelers make economic decisions, but only a small number of papers look at financial nudges and price anchoring—how they might cause travelers to make snap judgements about value that undermine rational economic principles. This research explores the behavioral response to different kinds of incentives. It finds that, consistent with theory, when presented with two numbers certain individuals will anchor to a higher number and be willing to pay more. Likewise, it finds that certain consumers are not able to quickly make judgements about the cost of travel. When the survey participants were offered daily or monthly payment plans, payments each day were valued almost twice as much as a single payment each month. This offers important policy considerations for public agencies seeking to reduce driving, particularly as new disruptive platforms emerge and new technology allows for more dynamic and curated data to be used to nudge travel behavior.

Studies of Urban Form and Travel

2001 ◽  
Author(s):  
Marlon Boarnet ◽  
Randall C. Crane
Keyword(s):  
Land Use ◽  
Built Environment ◽  
Travel Behavior ◽  
Urban Form ◽  
Past Research ◽  
Mass Transit ◽  
Transportation Costs ◽  
Past Century ◽  
Development Patterns ◽  
The Cost

Does the built environment affect how often and how far people drive or walk or when they will take the bus or the train? If so, how? A lively, expanding literature continues to investigate the potential for causal links between urban design and travel behavior, yet there remain many gaps and considerable disagreement. Our purpose here is mainly to identify what past research has to say on these questions. We also try to explain why these studies reach different conclusions and how and where this work might be usefully improved. The first, and perhaps best-known, group of studies on this topic investigates how travel behavior and travel investment affect land use. There is also a long if more recent practice of viewing these links from the opposite direction; that is, how does land use influence urban travel? We consider this second question in more detail following a brief review of the first. Though not our focus, most questions about land-use/transportation links over the past century concern the influence of transportation infrastructure on development patterns. Analysts ask how highways and mass transit contribute to decentralization trends, how they affect the local balance of jobs and housing, or how they affect the pattern of commercial investment (see, e.g., the reviews in Gómez-Ibáñez, 1985b; Giuliano, 1989, 1991, 1995a, 1995b; Cervero and Landis, 1995). The basic idea is this: People choose their homes and locate their businesses based in part on their proximity to work, other potential destinations, and the markets for their products and labor generally (see, e.g., Von Thunen, 1826; Weber, 1928; Losch, 1954; Alonso, 1964; Muth, 1969; Mills, 1972; Solow, 1973; Fujita, 1989; Anas, Arnott, and Small, 1997). That is, the cost of transporting people and things over space depends on the distances and resources required. Once these costs are fixed, perhaps by the establishment of a central downtown or transshipment point, the price of land at each location is determined by demand. This in turn is determined, again in part, by how much money one has left after accounting for the transportation costs associated with that location.

Effects and Risks of Distance Learning in Higher Education

2020 ◽  
pp. 61-73
Author(s):  
Yu. M. Tsygalov
Keyword(s):  
Higher Education ◽  
Distance Learning ◽  
Online Education ◽  
New Technology ◽  
Negative Consequences ◽  
Higher Education System ◽  
First Results ◽  
Spread Of Infection ◽  
The Cost

The forced work of Russian universities remotely in the context of the pandemic (COVID-19) has generated a lot of discussion about the benefits of the new form of education. The first results were summed up and reports were presented, the materials of which showed that the main goal of online education — the prevention of the spread of infection, - has been achieved. Against this background, proposals and publications have appeared substantiating the effectiveness of the massive introduction of distance learning in Russia, including in higher education. However, the assessment of such training by the population and students in publications and in social networks was predominantly negative and showed that the number of emerging problems exceeds the possible benefits of the new educational technology. Based on the analysis of the materials of publications and personal experience of teaching online, the potential benefits and problems of distance learning in higher education in Russia are considered. It is proposed to consider the effects separately for the suppliers of new technology (government, universities) and consumers (students, teachers, society). It is substantiated that the massive introduction of online education allows not only to reduce the negative consequences of epidemics, but also to reduce budgetary funding for universities, optimize the age composition of teachers, and reduce the cost of maintaining educational buildings. However, there will be a leveling / averaging of the quality of education, and responsibility for the quality of training will shift from the state/universities to students. The critical shortcomings of online education are the low degree of readiness of the digital infrastructure, the lack of a mechanism for identifying and monitoring the work of students, information security problems, and the lack of trust in such training of the population. The massive use of online education creates a number of risks for the country, the most critical of which is the destruction of the higher education system and a drop in the effectiveness of personnel training. The consequences of this risk realization are not compensated by any possible budget savings.

Risk Assessment of Competitive Procurement on Alabama Highway Projects with Texas Comparisions

1998 ◽  
Vol 1649 (1) ◽  
pp. 3-8
Author(s):  
Larry G. Crowley ◽  
Jared L. Madewell
Keyword(s):  
Risk Assessment ◽  
Project Performance ◽  
Performance Data ◽  
Specific Task ◽  
Public Agencies ◽  
Highway Projects ◽  
Construction Contracts ◽  
Cost Growth ◽  
The Cost ◽  
Risk Categories

Public agencies generally let construction contracts to the lowest responsible, responsive bidder. In following this practice, agencies recognize there are higher risks of cost growth in awarding to either unusually low bids or to certain “claim-conscious” bidders. Despite this awareness, there are few documented studies supporting or quantifying the presence of these perceived competitive procurement risks. This research undertakes that specific task. First, bids and bidders on a sample of Alabama highway projects are grouped into risk categories by information available at the project bid opening—well in advance of any potential contract award— and without considering actual project performance data. Second, the cost growth experiences of these projects are statistically analyzed based upon these risk groupings. The results indicate that cost growth on Alabama highway projects is significantly more likely when projects are awarded to unusually low bids or to certain bidder types. A similar study performed earlier on Texas highway projects provides nearly identical results. This type of analysis and the derived information can be used by public agencies to amend the procurement process and objectively disqualify unusually low bids or questionable bidders without abandoning competitive procurement principles.

Mechanical Analysis of Warm Extrusion Precision Forming on 42CrMo Steel Cutting Pick

2012 ◽  
Vol 538-541 ◽  
pp. 1061-1066 ◽  
Author(s):  
Chun Jian Su ◽  
Quan Lan Li ◽  
Lin Jing Xiao ◽  
Su Min Guo
Keyword(s):  
New Technology ◽  
Mechanical Analysis ◽  
Extrusion Force ◽  
Factors Affecting ◽  
42Crmo Steel ◽  
Pick Body ◽  
Mining Tool ◽  
Main Factors ◽  
The Cost ◽  
Warm Extrusion

Cutting pick is a kind of widely-used consumptive mining tool. The traditional producing technics of cutting pick body is foundry, or machining after roughly forging, or machining directly from metal bar. By former technics, the property of products is poor, and by latter, the material availability is low and the cost is high. The patent technology for cutting pick body warm extrusion introduced in this paper can overcome all the disadvantages mentioned above. In this paper, by analyzing the characteristic of cutting pick body warm extrusion, adopting the principle of power balance to solve the approximate solution of strain forces, the approximate calculating formulas of extruding power are deduced. The main factors affecting on extrusion force are determined theoretically. This research can be used as basis to design tooling and choose proper equipment for this new technology.

Health Care Cost Containment in Large American Cities

1989 ◽  
Vol 18 (1) ◽  
pp. 87-100 ◽  
Author(s):  
Perry Moore
Keyword(s):  
Health Care ◽  
Cost Containment ◽  
Local Governments ◽  
Health Care Cost ◽  
The United States ◽  
Public Agencies ◽  
The Public ◽  
Survey Results ◽  
The Cost ◽  
American Cities

This research provides information about the health care cost containment efforts of local governments and agencies across the United States, particularly in large American cities. Survey results indicate that while the public sector lags behind the private sector, public agencies are beginning to match the cost containment efforts of private employers. While initiation of these efforts represents considerable recent progress, their tangible benefits are not yet apparent.

scholarly journals Development of product costing in Lithuania (1918–2019)

2019 ◽  
pp. 2
Author(s):  
Daiva Tamulevičienė ◽  
Jonas Mackevičius
Keyword(s):  
Second World War ◽  
World War ◽  
Stages Of Development ◽  
Normative Documents ◽  
Economic Decisions ◽  
Product Costing ◽  
Soviet Occupation ◽  
The World ◽  
The Cost ◽  
Second World

Appropriate product costing helps not only to estimate the cost of production correctly but also to evaluate the activity results, forecast product prices, make reasonable economic decisions. The article analyses the development of product costing in Lithuania from 1918 to 2019. The following stages of development of product costing were distinguished: 1) between the world wars when Lithuania was independent and during the Second world war (1918–1944); 2) during the years of Soviet occupation (1944–1990); 3) after reinstating the independence of Lithuania (1990–2019). The most important provisions of normative documents related to product costing of every stage were analysed, opinions, statements and suggestions how to improve product costing by different Lithuanian authors were evaluated.

scholarly journals Intelligent Devices in Rural Wireless Networks

2014 ◽  
Vol 2 (4) ◽  
pp. 23-30
Author(s):  
Daniel Fuentes ◽  
Rosalía Laza ◽  
Antonio Pereira
Keyword(s):  
Wireless Networks ◽  
System Architecture ◽  
New Technologies ◽  
New Technology ◽  
Internet Access ◽  
Age Group ◽  
Experience Level ◽  
The World ◽  
Intelligent Devices ◽  
The Cost

The rural wireless networks are increasingly in demand by associations and autarchies to expand Internet access in this type of areas. The problem of such solutions centers not only in network deployment and its maintenance, but also in the equipment installation on clients, which always has big costs. This installation and configuration must be performed by a technician on site, so that the equipment can be integrated in the infrastructure. To try to mitigate this problem, it is presented a solution that allows the clients to install, with transparency, the device at home, reducing not only the cost for the management entity but also for the clients. This way, for info-excluded people or with new technology low experience level, it is the user that integrates himself in the network, making him part of the process, fostering the network usage.In this article are specified not only the system architecture but also the way that it works and how it obtains the desirable result. The tests made to the solution show the quickness, reliability and autonomy in the execution of the tasks, making it a benefit for rural wireless networks.This solution, by its robustness and simplicity, allowed an uptake to the IT by people who never thought to do it, namely an advanced age group (elderly) who want to join the world of the new technologies

scholarly journals Financial stability management as a determinant of competitive development of agrarian formations

2019 ◽  
pp. 13-18
Author(s):  
Nadiia HRYSHCHUK
Keyword(s):  
Financial Stability ◽  
Production Cost ◽  
New Technology ◽  
Fixed Costs ◽  
Qualitative Characteristic ◽  
Agricultural Enterprises ◽  
Cost Of Production ◽  
Labor Resources ◽  
The Cost

The article investigates financial stability as a qualitative characteristic of functioning of agricultural enterprises in modern conditions, the analysis of indicators of financial stability of the enterprise and determination of its type, as well as the effectiveness of forecasting the financial stability of agricultural enterprises. A number of measures is proposed, which is to reduce the cost of production (cost-saving strategy), which will allow agribusinesses to increase competitiveness in the market due to the introduction of new technology, technologies, more rational the use of both material and labor resources, reducing the proportion of fixed costs in the cost of production, in proportion to the increase in profits and competitive development of agricultural enterprises. The basic condition for ensuring the financial stability of the company is the formation of sufficient amounts of funds that enable them to fully fulfill their obligations to the budget, pay employees, creditors, suppliers.

scholarly journals Genetically Modified Potato for Pest Resistance: Thrift or Threat?

2021 ◽  
Author(s):  
Martin Raspor ◽  
Aleksandar Cingel
Keyword(s):  
Insect Pests ◽  
Genetically Modified ◽  
New Technology ◽  
Single Gene ◽  
Genetically Modified Crops ◽  
Pest Resistance ◽  
Potato Production ◽  
Bt Toxin ◽  
Long Term Impact ◽  
The Cost

Significant limitations in potato production are crop loss due to the damage made by insect pests, and the cost of enormous amount of chemicals, harmful to humans and environment, extensively used in their control. As an alternative, development of genetically modified potato offered possibility for pest management in a more sustainable, environmentally friendly way. Over the past 30 years introduction of pest resistance traits progressed from a single gene to multiple stacked events and from Bt-toxin expression to expression of proteins from non-Bt sources, dsRNA and their combination, while advances in molecular biology have brought “cleaner” gene manipulation technologies. However, together with benefits any new technology also bears its risks, and there are still a range of unanswered questions and concerns about long-term impact of genetically modified crops – that with knowledge and precautionary approaches can be avoided or mitigated. Sustainability of genetically modified crops for pest control largely depends on the willingness to gain and implement such knowledge.

Investment Strategies for Sourcing a New Technology in the Presence of a Mature Technology

2021 ◽  
Author(s):  
Wei Zhang ◽  
Hsiao-Hui Lee
Keyword(s):  
Operations Management ◽  
New Technologies ◽  
New Technology ◽  
Investment Strategy ◽  
Profit Sharing ◽  
Development Effort ◽  
Investment Strategies ◽  
Cost Shifting ◽  
The One ◽  
The Cost

To stay competitive, high-technology manufacturers not only frequently source new technologies from their suppliers, but also financially support the development of these new technologies into component products or production tools. We consider a manufacturer that can either source a new but immature technology from a financially constrained supplier, or source a mature technology from an existing supplier if and only if the development of the new technology fails. To support the new technology, the manufacturer can choose to inject capital in the form of an equity or loan. The investment strategy not only affects the new supplier’s development effort and the probability of technical success (PTS), but also affects the existing supplier’s effort to improve the mature technology, which presents the manufacturer with a trade-off. Following the debt financing literature, we find that a loan contract is associated with a cost-shifting effect and often leads to a higher PTS. However, because the manufacturer not only maintains an investment but also a procurement relationship with the new supplier, we find a profit-sharing effect associated with an equity investment, which does not exist in the traditional equity issuance literature. In particular, we show that the profit-sharing effect can dominate the cost-shifting effect and lead to a higher PTS when the new supplier’s technological capability is sufficiently high. Nonetheless, we also show that the strategy that derives a higher PTS does not necessarily generate a higher payoff for the manufacturer. On the one hand, a loan can be preferred even when it leads to a lower PTS because the cost-shifting effect allows the manufacturer to offer a sufficiently low procurement payment while maintaining a sufficiently high PTS. On the other hand, when the existing supplier is very capable of reducing its costs, a loan can over-incentivize the new supplier to exert excessive effort and backfire. This paper was accepted by Charles Corbett, operations management.

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