Regrets, learning and wisdom

This contribution discusses in what respect Econophysics may be able to contribute to the rebuilding of economics theory. It focuses on aggregation, individual vs collective learning and functional wisdom of the crowds.Comment: 9 pages, 1 figure. Opinion paper submitted to European Physical Journal - Special Topics "Can economics be a physical science?

A hybrid performance evaluation approach for urban logistics using extended cross-efficiency with prospect theory and OWA operator

Urban logistics performance evaluation can provide reference for further improving its level. However, most performance evaluation for urban logistics premises that decision-makers (DMs) are completely rational, which may not conform to the actual situation. Therefore, this article aims to consider the DMs’ psychological factors in the performance evaluation of urban logistics. Specifically, the cross-efficiency evaluation (CEE) method with the DMs’ psychological factors is used to measure the urban logistics efficiency in the central area of Yangtze River Delta (YRD) urban agglomeration in China in 2019. The main contributions in this article are to propose a hybrid CEE method with prospect theory and ordered weighted average (OWA) operator for urban logistics industry and to expand the evaluation perspectives of urban logistics performance. The main conclusions are obtained: (1) The DMs’ optimism level can indeed affect the efficiency value and ranking of urban logistics. (2) The aggregation based on the OWA operator is fair and reasonable because it can make all self-evaluation efficiencies play the same role. (3) To make the efficiencies and rankings of urban logistics in the central area of the YRD have credibility and discrimination, the DMs’ optimism level range is best between 0.8 and 0.8177

Second generation governance indicators

This paper summarizes progress made in a DfID-funded World Bank initiative to test and develop policy-relevant, politically acceptable, quantitative indicators of governance. There are two major components involved in the process of generating indicators that are practical means of reform. Political acceptability is key in developing neutral quantitative benchmarks of good governance that can be embraced by reformers. In addition to political acceptability, measuring governance must be comprehensive and institutionally specific so that reformers know which institutions to reform and how to do so. This paper explores some of the most promising second generation indicators of good governance and elaborates on how they are being used in World Bank operations.governance, institutions, development

Second generation governance indicators

This paper summarizes progress made in a DfID-funded World Bank initiative to test and develop policy-relevant, politically acceptable, quantitative indicators of governance. There are two major components involved in the process of generating indicators that are practical means of reform. Political acceptability is key in developing neutral quantitative benchmarks of good governance that can be embraced by reformers. In addition to political acceptability, measuring governance must be comprehensive and institutionally specific so that reformers know which institutions to reform and how to do so. This paper explores some of the most promising second generation indicators of good governance and elaborates on how they are being used in World Bank operations

Second generation governance indicators

This paper summarizes progress made in a DfID-funded World Bank initiative to test and develop policy-relevant, politically acceptable, quantitative indicators of governance. There are two major components involved in the process of generating indicators that are practical means of reform. Political acceptability is key in developing neutral quantitative benchmarks of good governance that can be embraced by reformers. In addition to political acceptability, measuring governance must be comprehensive and institutionally specific so that reformers know which institutions to reform and how to do so. This paper explores some of the most promising second generation indicators of good governance and elaborates on how they are being used in World Bank operations.governance, institutions, development

Individuals Time Preference and Social Discounting: A Survey and a Meta-Analysis

The choice of an appropriate social rate of discount is critical in the decision-making process on public investments. In this paper we review concisely the literature on social discounting and refer explicitly to a recently growing field of related research, that is, individual time preference. The consideration and analysis of behavioural factors of individuals in the definition and use of an appropriate social discount rate are critical for balanced decision-making, for example, in the field of environmental policy. The empirical literature shows quite some variation in the estimated values of individual discount rates. Therefore, we present results from a meta-analysis conducted over more than 40 experimental and field studies reporting individual discount rate estimates. We find that the experimental design of a study has a great impact on these estimates and conclude that our meta-regression function has a low transfer value.

Long term planning for EFA and the MDGs: modes and mechanisms

This discussion paper provides an overview and analytic guide to long term planning of education systems in the context of Education for All and the Millennium Development Goals. Long term gains in educational access depend on anticipating future financial and non-financial constraints on growth and on successful implementation of plans which support growth that can be sustained. Some recent expansion of primary schooling has failed to take a sufficiently long term approach to growth and has risked the creation of resource bottlenecks, poor trade offs between quality and quantity, and dependence on uncertain financing. The paper first outlines three different styles of long term planning – Planning Lite, Framework National Planning, and Participatory Planning. It distinguishes between aspirational and target-generating approaches. It then describes the processes and tools that are needed to develop long term plans for expanded access that can reconcile goals and targets with realistic resource envelopes. These processes are designed to include mechanisms to promote consensus and build commitment. The nature of Medium Term Expenditure Frameworks (MTEF) is then explored as a necessary tool to manage implementation. Appendix 1 provides more detailed discussion of the three approaches to planning. Appendix 2 elaborates on aspirational planning and gradients of achievement. Appendix 3 explores issues concerned with targets and indicators of performance. Appendix 4 contains a selected list of source materials

"Women's Rights as Human Rights: A Political and Social Economy Approach within a Deep Democratic Framework"

In this paper we offer the social capabilities based approach to women's rights as human rights. We begin with the standard approach and discuss the universal human rights model before developing the social capabilities approach followed throughout the rest of this paper. In this paper by political economy we mean the classical state and civil society and their interactions. By social economy we mean the underlying social basis of the political economy including the family structure. Khan(1994a,b,1998,2007) presents deep democracy as a structure in addition to formal democratic apparatus such that the practice of such democratic life can be reproduced with the basic values intact. Change is not precluded. But all such changes should deepen democracy, not weaken it. Deep democracy in this sense is intimately connected with economic and social justice. We show that the social capabilities approach, women's rights and deep democracy are related in an intimate way.

Helping decision-makers select the most adequate road infrastructure design from the point of view of sustainability: a practical approach

In recent years, a number of tools have been developed aimed at assessing the socio-economic and environmental feasibility of roadway projects. However, there is still no standardised or commonly accepted methodology to assure the most sustainable design in the appraisal and evaluation of roads over their life-cycle. The introduction of the multidimensional perspectives of sustainability in the appraisal of road projects is still an unresolved aspect. This research identifies strengths and weaknesses of sustainability assessment tools ?including ratings systems, traditional decision-making techniques (e.g. cost benefit analysis, multicriteria decision analysis, among others), checklists and different evaluation frameworks and models for roadways; describes to what extent they integrate sustainability as a whole; and summarizes valuable lessons to learn from them. On the basis of this analysis, it points out a number of methodological issues that need to be addressed before valid road sustainability assessments can be conducted. To response to these issues, this research develops a composite decision support model based on combining cost-benefit analysis (CBA) with multi- criteria decision analysis (MCDA) to accurately appraise sustainability of road projects. This methodology is applied to a case study dealing with the construction of a new roadway in the northwest of Spain. The outcome demonstrates that the approach is a valuable sustainability assessment tool