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The purpose of this study is to evaluate the impact of theoretical knowledge related to financial behaviour and especially anchor effects.

The study design is based upon an experiment divided into two parts, before and after the development of the course curriculum for the course introducing behavioural finance for undergraduate real estate students.

The study concludes that the anchor effect is persistent also after introducing theoretical knowledge regarding financial behaviour and anchor effects. To conclude the results, in this study, indicates that the appraisal of properties are dependent on the individual’s cognitive capacity to mitigate anchor effects. There are epistemological assumptions underlying the belief in the individuals’ capacity to handle anchor effects that might provide biased appraisals. These assumptions need to be carefully tested and treated to increase the accuracy of property appraisals.

The study result also highlights the possibility that current literature in valuation, and learning activities, does not emphases and stimulate readers to critical thinking. This paper would, therefore, propose also other real estate education programmes to be aware of the potential lack of critical thinking among the students.

It provides an insight regarding how appraisal of properties is dependent on the individual’s cognitive capacity to mitigate anchor effects.

The purpose of this paper is to analyse two questions. First, is there, and if so, how large is the price premium paid for a building exhibiting a cultural value? Second, are there any spillover effects of buildings with cultural values on sales prices of neighbouring houses?

Using a unique database of all buildings in the region of Halland, Sweden, combined with transaction data, hedonic models can be estimated, with spatially lagged variables describing proximity to three classes of culturally classified building – A, B and C – corresponding to building of national interest, building of regional interest and building of local interest. In addition, the authors also estimate models with a spatial specification on the error term, in an attempt to control for omitted variables.

The results indicate that cultural classification plays a role in determining the price of a property, with large effects (ranging between 36 and 60% price premiums) for the highest classification. In addition, the authors find evidence of a cultural externality, houses in the vicinity of building with high cultural value sell at a small, but statistically significant premium of 1%.

The cultural externality may be overlooked when it comes to valuation of cultural values in society, and therefore, it is likely that warranted protection acts to preserve cultural values in buildings become less than the social optimum. This paper suggests a new measure to cultural values contrasting previous research that rely on cultural preservation. This approach should limit problems with measurement errors that may lead to biased results.

The focus is set on the development and evaluation of a numerical mgodel describing the impregnation stage of a method to manufacture fibre reinforced polymer composites, namely the vacuum infusion process. Examples of items made with this process are hulls to sailing yachts and containers for the transportation industry. The impregnation is characterised by a full 3D flow in a porous medium having an anisotropic, spatial‐ and time‐dependent permeability. The numerical model has been implemented in a general and commercial computational fluid dynamic software through custom written subroutines that: couple the flow equations to the equations describing the stiffness of the fibre reinforcement; modify the momentum equations to account for the porous medium flow; remesh the computational domain in each time step to account for the deformation by pressure change. The verification of the code showed excellent agreement with analytical solutions and very good agreement with experiments. The numerical model can easily be extended to more complex geometry and to other constitutive equations for the permeability and the compressibility of the reinforcement.

The purpose of this paper is to examine the growing importance of generic mobile computing for ITS (Intelligent Transportation System) development and governance. Specifically, building on theories of open innovation and pertinent examples, the paper aims to inform future ITS policymaking.

Using a wide range of national, regional, and industry roadmaps together with scientific reports on the impact of specific ITS services, conclusions for ITS governance and policymaking are drawn.

This paper finds that it is imperative to proactively embrace the rapidly expanding generic mobile computing service industry and critically reassert investments in dedicated ITS‐infrastructure. This is of equal importance for developed and developing countries.

Previous literature has mainly dealt with ITS in terms of mobility of people. This paper addresses ITS in a freight context, an area that has received scarce attention in the literature.

This paper presents important insights for infrastructure policy makers on opportunities to take advantage of freely available data in improving freight mobility.

The trend of producing and consuming data simultaneously (so called “prosuming”) is currently re‐shaping the ITS landscape and will in the near future affect millions of daily commuters.

The paper gives an account of current worldwide ITS policies in context. The assessment of services is intended to inform both industry and policymakers.

This chapter investigates how night-time light images acquired from the Defense Meteorological Satellite Program’s Operational Linescan System provide spatial and temporal insight into the economic impact of the disintegration of Yugoslavia. First, the chapter provides an overview of the economic development in Yugoslavia using conventional statistics, and second, it presents an analysis of the disintegration of the federation by comparing official statistics with night-time light data. Evaluating the impact of the disintegration of Yugoslavia as a federation and the conflicts arising in the wake of the break up is challenging since reliable data is missing. Therefore, satellite images, as one of the few sources of objective information, are potentially of great importance. We used yearly Operational Linescan System composites covering the period 1992–2013. The analysis is divided into small geographical units (districts) based on the republics in the former Yugoslavia.

This chapter examines observed regional inequalities and centralization tendencies in Norway. Small, rural, municipalities experienced a favourable population development from 1970 to the mid-1980s. After this, the percentage population growth has been strongest in the largest municipalities/cities, and this tendency has accelerated during the last 10–15 years. Data post-1970 strongly support the reasonable hypothesis that population growth is positively related to centrality. The major source of changes lies within the labour market regions, whereas the changes between the regions are modest. Jobs have not become more centralized than households over the period.

A conceptual model is developed, offering a useful taxonomy of municipalities in three dimensions: the unemployment rate, the employment growth, and housing prices. This provides a classification that contributes to clarify the changes in the urban-rural divide. The discussion demonstrates that distinguishing between different categories is important, since different explanations of centralization and regional disparities call for different menus of policy instruments.

We study the relationship between population growth, unemployment rates, and employment growth in Norwegian municipalities, to distinguish between disequilibrium and equilibrium explanations of the situation in regional labour markets. At a national level our results indicate that neoclassical adjustments dominate weakly over amenity-based mechanisms. However, results from many regions support the hypothesis that amenity-based adjustments are dominant for municipalities within a labour market region. One possible explanation is that the diversity in job opportunities is considered as an amenity. A thicker labour market is better fit to meet the demand of workers with specific qualifications.

The aim of this chapter is to investigate regional inequality and centralization tendencies in Sweden. For this, we use official data from Statistics Sweden on house prices and employment. The data is on the municipality level and covers the period 1985–2014. The research question then becomes, in relation to employment and house prices, which municipalities have gained and which have lost during this period? The time period has been divided into three subperiods that reflect different phases in the process of economic structural change. Two major economic crises are used to signal the end and the start of new structural phases in the Swedish economy. The study uses two dimensions of local economy: employment rates and house prices in municipalities in relation to the national mean. The results indicate increasing divergence between Swedish municipalities over the period. However, the magnitude of the divergence differs within the studied period. Particularly, when it comes to house prices, the third subperiod (2009–2014) shows increasing divergence between Stockholm and Gothenburg in relation to Malmö and the rest of country. Further, when we study the two dimensions simultaneously in accordance with our model, the number of municipalities with above-national-mean employment rates and house prices decreases over time. In the last period, 2009–2014, municipalities with means above the national mean are concentrated in urban agglomerations mainly located close to Sweden’s three largest cities.

The Physical Internet (PI) is an emerging concept that applies the Digital Internet as a design metaphor for the development of sustainable, interoperable and collaborative freight transport. With the aim of aiding researchers and policy makers in their future efforts to develop efficient logistics systems, the purpose of this paper is to present a review of the existing literature on the PI, to critically discuss the concept and to outline a research agenda.

The literature review investigates scientific papers, project reports, specifications and other publications related to PI. In total, 46 publications were finally analyzed. The approach used in this paper is technology adoption by firms. The authors examine the PI based on four factors: organizational readiness (technological blueprints), external pressure (promised effects), perceived benefits (business model) and adoption.

A growing number of strategies, blueprints and specifications have been developed for PI, yet there are no currently developed models that illustrate how the move from the entrenched logistics business models to the PI could ensue. There is a lack of understanding of the business models needed that can involve critical actors and promote the adoption of the PI concept.

While using the internet as a metaphor for reimagining physical transports is certainly exciting, this review and analysis suggest that several research questions need to be addressed before further PI blueprint work is carried out.

The “grand challenge” of sustainability in logistics needs to be addressed and improved, but the authors’ analysis suggests that, to some extent, it is uncertain how the PI will contribute to improving sustainability, and why logistics service providers should engage in PI. Policy makers and practitioners are provided with critical issues to consider in the practical development and adoption of the concept.

This paper provides an outsider and technology-adoption perspective of PI research, as well as important implications for policy makers and researchers.