The module provides the basis for the understanding of demand and supply in the transport sector, transport externalities and corrective instruments, and investment and economic appraisal. Transport policies are studied from an economics perspective using economic tools. The module makes students aware of relevant microeconomic theory and solutions to transport problems.

1. Conceptualise transport problems in economic terms;

2. Apply economic theory to current transport problems such as for example traffic congestion and CO₂ emissions;

3. Understand appraisal methods in transport;

4. Think about how to devise transport policies from an economics perspective.

The module consists of lectures, group and class discussions and group presentations. The group and class discussions promote skills in communication, as do the group presentations. Most topics throughout the module are illustrated with at least one example or case-study, which helps put the concepts together.

During the course of the module there will be plenty of opportunities to practise and master a number of skills. Students will be expected to:

1. be able to work in a group and prepare and deliver a presentation

2. debate a topic in class, justifying arguments in a reasoned way

3. read the latest research on a topic new to the student and be able to grasp the main points, regardless of the student’s background

4. be able to answer specific questions on different transport economics topics under the pressure of an exam environment.

Verbal and written communication, problem solving and team work are important employability skills and the module offers an opportunity to practise all these.

There will be 3 summative assessments supported by formative assessments. The formative assessments will consist of one group presentation, to take place in a session before the summative group presentation takes place, and linked to learning outcomes (1), (2) and (4) and skills (1) and (3), and class and group debates and discussions, to take place virtually every week.Formative Assessment

Students will be provided with opportunities for formative feedback tasks throughout the module.

These include group and class discussions on a weekly basis and a formative group presentation, which is compulsory. Students not presenting in this session will be discounted 5% of their final module mark.

THE OPPORTUNITY FOR REASSESSMENT IN THIS MODULE:

Re-assessment

Students are permitted to be reassessed in a module which they have failed, in line with University regulations. https://intranet.cardiff.ac.uk/staff/teaching-and-supporting-students/teaching-support/academic-regulations. The format of the reassessment will be the same as the original assessment and will take place in the Summer re-sit period.

Types of Assessment

1. Group Presentation (oral, no written report) - 25% contribution - Appraisal in transport

Learning Outcomes  - 3

2. Written Exam - 75% - 2 hours

Learning Outcomes - 1, 2, 3, 4

Appraisal of transport projects. Important concepts in (transport) economics. Demand, supply and elasticities. Externalities and policies to correct them. Parking policies and road pricing. Discrete choice models. Case studies of transport policies from an economics perspective.

• Button, K. J. (2010), Transport Economics, 3^rd edition, Cheltenham, UK - Northampton, MA - USA: Edward Elgar.
• Button, K. (2004), ‘The Rationale for Road Pricing: Standard Theory and Latest Advances’, in Santos, G. (Ed.), Road Pricing: Theory and Evidence, Research in Transportation Economics, Vol. 9, Oxford: Elsevier, pp. 3-25. [This is available as en e-journal].
• Department for Transport (2011), Transport Analysis Guidance: Cost Benefit Analysis (TAG Unit 3.5.4), April

http://www.dft.gov.uk/webtag/documents/expert/pdf/unit3.5.4.pdf

and

• HM Treasury (2003), Green Book, Appraisal and Evaluation in Central Government, London. http://www.hm-treasury.gov.uk/d/green_book_complete.pdf

Look at:

-Definition of CBA in the Glossary

-Discounting in Chapter 5

-Valuing non-market impacts in Annex 2

-Distributional impacts in Annex 5 (don’t go in detail but try to get the general idea)

-Discount rate in Annex 6

• DTLR multi-criteria analysis manual [Chapters 2, 3 and 4]

This is an Internet publication from the former Department for Transport, Local Government and the Regions, available at

http://www.nera.com/nera-files/Multi-criteria_Analysis_Model.pdf

• Santos, G., Behrendt, H., Maconi, L., Shirvani, T. and A. Teytelboym (2010), ‘Externalities and economic policies in road transport’, Research in Transportation Economics, 28(1), pp. 2-45.
• Small, K. and E. Verhoef (2007), Economics of Urban Transportation, London: Routledge. [Chapters 2 and 3 and 5.2]
• Train, K. (2009), Discrete Choice Methods with Simulation, 2^nd edition, Cambridge: Cambridge University Press. http://elsa.berkeley.edu/books/choice2.html [Chapters 2 and 3]
• Varian, H. (1993), Intermediate Microeconomics, New York - London: W. W. Norton & Company. [Chapter 1]
• Verhoef, E. T., Nijkamp, P. and P. Rietveld (1995), ‘The Economics of Regulatory Parking Policies: The (Im)possibilities of Parking Policies in Parking Regulation’, Transportation Research Part A: Policy and Practice, 29(2), pp. 141-156.

• Blauwens, G., De Baere, P. and E. Van de Voorde (2002), Transport Economics, Antwerpen: Uitgeverij De Boeck nv. [Chapter 17)]
• Börjesson, M., Eliasson, J. and M. Lundberg (2013), ‘Is CBA ranking of transport investments robust?’, Journal of Transport Economics and Policy, 8(2), pp. 189-204.
• Mackie, P., Worsley, T. and J. Eliasson (2014), Transport Appraisal Revisited, Research in Transportation Economics, Vol. 47, pp. 3-18.