CENV6016 Transport Economics

Module Aims

This module provides a critical awareness of the principles of transport economics and how these principles are applied in practice in transport policy. From an introduction to microeconomic theory, the module then covers economic analysis in practice, including demand and cost forecasting, pricing of both private and public transport and cost benefit analysis in both developed and developing countries. Macro-economic aspects are examined in terms of the relationship between transport and the location and the level of economic activity.

Learning Outcomes

Knowledge and Understanding

Having successfully completed this module, you will be able to demonstrate knowledge and understanding of:

• Economic appraisal and evaluation methods and their application to transport investments in developing and developed countries.
• Economic theory as applied to transport, including demand, supply and pricing theory and practice.
• The links between transport and the wider economy, including on the location and level of economic activity.
• The use of established techniques of economic enquiry, including demand and cost modelling, welfare analysis and the estimation of elasticities.

Subject Specific Intellectual and Research Skills

Having successfully completed this module you will be able to:

• Utilise demand, supply and pricing theory and elasticities in economic analysis, using both graphical and numerical analysis.
• Appraise/evaluate the economic impacts of transport schemes using cost benefit analysis and alternative methods
• Assess issues relating to transport funding, road pricing and the pricing of public transport.
• Prepare and present a critique of the key economic issues in transport policy.
• Identify /recall the key issues in transport economics and economic appraisal.

Transferable and Generic Skills

Having successfully completed this module you will be able to:

• Use creativity and innovation in problem solving
• Learn and study/research independently
• Manage your time
• Report your work effectively
• Collate and synthesise/prioritise information
• Manipulate and analyse data
• Develop and use spreadsheets for appraisal

Subject Specific Practical Skills

Having successfully completed this module you will be able to:

• Produce and interpret economic data on demand, costs, revenues and profitability and on wider socioeconomic costs and benefits.
• Use computer-based (and web-based) decision making tools to make critical economic decisions on transport investments and recurrent expenditure.
• Deal with complex economic issues, both systematically and creatively, and make sound judgements in the absence of high quality data.
• Demonstrate self-direction and originality in tackling and solving economic problems, and act autonomously in planning and implementing policies to a professional level.
• Continue to advance your knowledge and understanding and to develop new skills to a high level