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Organizational studies of time tend to be done by academic researchers rather than practitioners. This chapter builds on academic research to provide a practitioner perspective by reviewing time situated in theory and constructing two phenotypes: timescapes of business and social time. These timescapes are defined by six dimensions, each with a social and business time parameter. Organizational business and social timescapes have different functions and applications. Timescapes, with their concomitant dimensions and sets of parameters, are used differently by senior managers, middle managers, and entry-level managers. Three multi-level approaches (self, dyadic, and social relationships), composition theory, and compilation theory confirm these three managerial timescape usages. After a review of the theoretical bases of the timescape constructs and a brief discussion of the grounded, anthropological, research methodology used in the study, this chapter applies timescape theory and models to an extended time case study of the Procter & Gamble Company that frames the company's timescape understanding and use from a practitioner's view.

This chapter explores the concept of prudence in accounting from several different perspectives. In particular, we discuss the elimination of prudence from the conceptual framework of the International Accounting Standards Board in 2010 and its reinstatement in 2018. We also explore the tension between a cautious view of prudence and an asymmetric view of prudence. Finally, we discuss historical debates concerning the concept of prudence in philosophy, legal theory, and economics. In specific terms, we address whether prudence constitutes a moral virtue or whether it is merely a technique for deciding between alternative courses of action. The primary argument of the chapter is that prudence has been an important moral virtue and a component of commercial and accounting practice throughout history, even though accounting standards setters have now relegated it to secondary importance.

We investigate discrepancies between willingness to pay (WTP) and willingness to accept (WTA) in the context of a stated choice experiment. Using data on customer preferences for water services where respondents were able to both ‘sell’ and ‘buy’ the choice experiment attributes, we find evidence of non-linearity in the underlying utility function even though the range of attribute levels is relatively small. Our results reveal the presence of significant loss aversion in all the attributes, including price. We find the WTP–WTA schedule to be asymmetric around the current provision level and that the WTP–WTA ratio varies according to the particular provision change under consideration. Such reference point findings are of direct importance for practitioners and decision-makers using choice experiments for economic appraisal such as cost–benefit analysis, where failure to account for non-linearity in welfare estimates may significantly over- or under-state individual's preferences for gains and avoiding losses respectively.

This chapter explores Prospect Theory — a descriptive model of modelling individual choice making under risk and uncertainty, and its applications to a range of travel behaviour contexts.

The chapter provides background on Prospect Theory, its basic assumptions and formulations, and summarises some of its theoretical developments, applications and evidence in the field of transport research.

A body of empirical evidence has accumulated showing that the principle of maximisation of expected utility provides limited explanation of travel choices under risk and uncertainty. Prospect Theory can be seen as an alternative and promising framework for travel choice modelling (although not without theoretical and practical controversy). These findings are supported by empirical observations reported in the literature reviewed in this chapter.

The chapter provides a detailed account of the design and results of accumulated research in travel behaviour research that is based on Prospect Theory’s observations, insights and formulations. The potential of Prospect Theory for particular decision-making in travel behaviour research is articulated, main findings are presented and discussed, and limitations are identified, leading to further research needs.

This article considers the relationship between consumers’ valuation of performance improvements and technology development over the technology life cycle. Presenting a demand-based perspective, it explores how the character of life cycle maturity, the nature of competitive threats, and firms’ innovation incentives all change when consumer demand for performance matures in advance of a technology’s performance trajectories. It characterizes demand maturity by introducing the idea of a demand S curve as a complement to the traditional technology S curve. In doing so, it offers a new lens for assessing firms’ prospects of achieving superior performance through the commercialization of new technologies.