Increasing school choice: sustainability paradox

The UK government wants school travel to be safer, healthier and more environmentally friendly-with more pupils walking and cycling. In addition in 2005, it published the 14-19 Education and Skills White Paper. One of the key aims of the paper was to improve school choice for all pupils. This is to be achieved by giving more choice to disadvantaged children; and promoting fair admissions in order to give parents access to a wider range of schools. Allowing parents to look further than their local catchment area school is likely to result in greater numbers of children traveling longer distances. Therefore, as this paper illustrates, if school choice is really to be open to all, school transport must be included as part of the tool kit promoting choice and targeted at those who need it most.

Pure higher-order effects in the portfolio choice model

This paper examines the effects of higher-order risk attitudes and statistical moments on the optimal allocation of risky assets within the standard portfolio choice model. We derive the expressions for the optimal proportion of wealth invested in the risky asset to show they are functions of portfolio returns third- and fourth-order moments as well as on the investor’s risk preferences of prudence and temperance. We illustrate the relative importance that the introduction of those higher-order effects have in the decision of expected utility maximizers using data for the US.

European route choice determinants

Different charging zones are found within European airspace. This allows airlines to select different routes between origin and destination that have different lengths and en-route charges. There is a trade- off between the shortest available route and other routes that might have different charges. This paper analyses the routes submitted by airlines to be operated on a given day and compares the associated costs of operating those routes with the shortest available at the time, in terms of en-route charges and fuel consumption. The flights are characterised by different variables with the idea of identifying a behaviour or pattern based on the airline or flight characteristics. Results show that in some areas of the European airspace there might be an incentive to select a longer route, leading to both a lower charge and a lower total cost. However, more variables need to be considered and other techniques used, such as factor analysis, to be able to identify the behaviour within an airline category.