Results for "Investments" : Scipedia

Collection of open chapters of books in transport research

Air Transport versus High-Speed Rail: From Physics to Economics

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Purpose - This bachelor thesis compares high-speed rail (HSR) transport with air transport. The investigation considers physical fundamentals, energy consumption, environmental impact, infrastructure and investment, market situations, passenger's selection criteria to choose transportation options, and overall economics. --- Methodology - The thesis combines an investigation of physical principles with a literature review. --- Findings - Steel wheels on steel rails show by far less rolling resistance to support the train's weight than drag due to lift (induced drag) to support the aircraft's weight. This leads to less energy consumption. HSR trains use electricity from an overhead line. Hence, the environmental impact of HSR also depends much on how the electricity is produced. Airplanes only need an air traffic control environment to connect airports. In contrast, HSR needs infrastructure to connect stations. The amount of necessary infrastructure depends on the geological conditions. For example, crossing mountains means high investment. Longer passages over water are infeasible for HSR. High-speed rail is superior to air transport when connecting megacities because the trains have higher transport capacity, offer higher service frequencies and mission reliability, shorter total travel time, shorter access time to stations, shorter unproductive waiting time in stations and potentially lower travel costs. HSR is a strong competitor to airline services and has replaced some short range flights. A comparison of HSR in different world regions shows differences in the market situation and in passenger's selection criteria for transportation options. --- Research limitations - The potential of high-speed rail was investigated mainly on busy routes with high service frequencies. A comprehensive network comparison between high-speed trains and airplanes was not done and could lead to somewhat different results. --- Practical implications - The report tries to contribute arguments to the discussion about alternatives to air travel. --- Social implications - With more knowledge people can make an educated choice between transport options, can vote with their feet, and can take a firm position in the public discussion. --- Originality/value - A general comparison of HSR and air transport from physical fundamentals to economics seemed to be missing.

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Collection of open reports in transport research

Transport Infrastructure Investment and Demand Uncertainty

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In transportation planning there can be long lead times to adapt capacity. This paper addresses two questions. First, in a one mode world (say rail or road), what is the optimal capacity choice when faced with uncertain demand, long lead times and congestion. Using a simple analytical [...]

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Collection of closed conferences in transport research

Driving without anxiety: A route planner service with range prediction for the electric vehicles

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In modern smart cities, mobility based on Electric Vehicles (EVs) is considered a key factor to reduce carbon emissions and pollution. However, despite the global interest and the investments worldwide, the user acceptance level is still low, mainly due to the lack of charging [...]

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Collection of open thesis in transport research

Real Options Models for Better Investment Decisions in Road Infrastructure under Demand Uncertainty

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n efficient transportation system requires adequate and well-maintained infrastructure to relieve congestion, reduce accidents, and promote economic competitiveness. However, there is a growing gap between public financial commitments and the cost of maintaining, let alone expanding the U.S. road transportation infrastructure. Moreover, the tools used to evaluate transportation infrastructure investments are typically deterministic and rely on present value calculations, even though it is well-known that this approach is likely to result in sub-optimal decisions in the presence of uncertainty, which is pervasive in transportation infrastructure decisions. In this context, the purpose of this dissertation is to propose a framework based on real options and advanced numerical methods to make better road infrastructure decisions in the presence of demand uncertainty. I first develop a real options framework to find the optimal investment timing, endogenous toll rate, and road capacity of a private inter-city highway under demand uncertainty. Traffic congestion is represented by a BPR function, competition with an existing road is captured by user equilibrium, and travel demand between the two cities follows a geometric Brownian motion with a reflecting upper barrier. I derive semi-analytical solutions for the investment threshold, the dynamic toll rates and the optimum capacity. The result shows the importance of modeling congestion and an upper demand barrier – features that are missing from previous studies. I then extend this real options framework to study two additional ways of funding an inter-city highway project: with public funds or via a Public-Private Partnership (PPP). Using Monte Carlo simulation, I investigate the value of a non-compete clause for both a local government and for private firms involved in the PPP.Since road infrastructure investments are rarely made in isolation, I also extend my real options framework to the multi-period Continuous Network Design Problem (CNDP), to analyze the investment timing and capacity of multiple links under demand uncertainty. No algorithm is currently available to solve the multi-period CNDP under uncertainty in a reasonable time. I propose and test a new algorithm called “Approximate Least Square Monte Carlo simulation” that dramatically reduces the computing time to solve the CNDP while generating accurate solutions.

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RUSSIAN PRESIDENTIAL ACADEMY OF NATIONAL ECONOMY AND PUBLIC ADMINISTRATION

Impact of Monetary Policy on Investment and Issue in Industries With Different Price Rigidity

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In this paper we estimate the degree of producer price rigidity in the Russian economy and identify the response of various industries to monetary policy shocks, taking into account the [...]

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RUSSIAN PRESIDENTIAL ACADEMY OF NATIONAL ECONOMY AND PUBLIC ADMINISTRATION

Prospects for Accounting and Measuring the Digital Economy Based on National Accounts Applications

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In this paper we estimate the degree of producer price rigidity in the Russian economy and identify the response of various industries to monetary policy shocks, taking into account the [...]

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RUSSIAN PRESIDENTIAL ACADEMY OF NATIONAL ECONOMY AND PUBLIC ADMINISTRATION

MANDATORY PENSION SAVINGS IN RUSSIA: EXPERIENCE AND PROSPECTS

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The purpose of this study is to analyze the experience of creating a system of mandatory pension savings and assess the effectiveness of the activities of non-state pension funds. The research is focused on the management of pension savings portfolios in Russia. As a research method we use portfolio optimization, analysis of long time series on the return of various investment strategies, regression analysis for decomposition of non-state pension fund returns, stochastic modeling of return and risk with given asset allocation and benchmarks, modelling replacement ratio of a pension savings system’s participant. The modern demographic trends, the development of the labour market in the context of the progress of industrial technologies and other processes create the prerequisites for changes in pension systems. At the same time, the increasing volatility of financial markets and the trend of low yields give rise to discussions about the role of the pension savings system, its ability to increase the sustainability of pension system. The ability of existing pension portfolio management strategies to generate the necessary returns for pension savings is challenged. However, the number of studies and reports devoted to the problems of pension fund performance is relatively small. All this predetermines the relevance of studying the aspects of the pension savings system effectiveness, the effectiveness of portfolio management strategies in modern financial markets, and the implementation of regulation practices. The novelty of the study lies in the fact that the authors tried to comprehend the experience of the system of mandatory pension savings, conditions and prerequisites of its implementation, achievements and difficulties, to analyze the effectiveness of the activities of non-state pension funds on pension savings investment. The main result of the study is the development of methodological approaches necessary to assess the success of pension savings reforms in Russia. According to our estimates, the decision to introduce a pension savings pillar had been justified and, under certain circumstances, could have improved the well-being of future pensioners. We conclude that the successful implementation of the mandatory pension savings was violated by the frequent change of the regulation on the long-term horizon, unbalanced development of state and savings pension pillars, and low investment efficiency. In the future, the development of our study should contribute to the development of an institution of long-term and trusted internal savings.

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