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Although federal regulation of vehicle fuel economy is often seen as environmental policy, over 70% of the estimated benefits of the 2017–2025 federal standards are savings in consumer expenditures on gasoline. Rational-choice economists question the counting of these benefits since studies show that the fuel efficiency of a car is reflected in its price at sale and resale. We contribute to this debate by exploring why most consumers in the United States do not purchase a proven fuel-saving innovation: the hybrid-electric vehicle (HEV). A database of 110 vehicle pairs is assembled where a consumer can choose a hybrid or gasoline version of virtually the same vehicle. Few choose the HEV. A total cost of ownership model is used to estimate payback periods for the price premiums associated with the HEV choice. In a majority of cases, a rational-choice explanation is sufficient to understand consumer disinterest in the HEV. However, in a significant minority of cases, a rational-choice explanation is not readily apparent, even when non-pecuniary attributes (e.g., performance and cargo space) are considered. Future research should examine, from a behavioral economics perspective, why consumers do not choose HEVs when pricing and payback periods appear to be favorable.
Regulatory impact analyses (RIAs) weigh the benefits of regulations against the burdens they impose and are invaluable tools for informing decision makers. We offer 10 tips for nonspecialist policymakers and interested stakeholders who will be reading RIAs as consumers.
1. Core problem: Determine whether the RIA identifies the core problem (compelling public need) the regulation is intended to address.
2. Alternatives: Look for an objective, policy-neutral evaluation of the relative merits of reasonable alternatives.
3. Baseline: Check whether the RIA presents a reasonable “counterfactual” against which benefits and costs are measured.
4. Increments: Evaluate whether totals and averages obscure relevant distinctions and trade-offs.
5. Uncertainty: Recognize that all estimates involve uncertainty, and ask what effect key assumptions, data, and models have on those estimates.
6. Transparency: Look for transparency and objectivity of analytical inputs.
7. Benefits: Examine how projected benefits relate to stated objectives.
8. Costs: Understand what costs are included.
9. Distribution: Consider how benefits and costs are distributed.
10. Symmetrical treatment: Ensure that benefits and costs are presented symmetrically.
Designed for candidates sitting the primary FRCA examination, this book brings together exam questions from recent years and structures them into six practice papers. The format of 90 questions per paper echoes the exam itself. Following each paper a scoring chart and detailed explanations of answers are provided. The questions cover physiology, pharmacology, physics, clinical measurement and statistics as they appear in the primary FRCA. There are questions on all recently added exam topics, and those that now carry stronger emphasis and more weight such as resuscitation, sepsis and trauma. The latest drugs, equipment, monitoring techniques and safety procedures are referenced. Trainees will find this an invaluable tool for exam preparation, whether sitting the FRCA in the UK, through the London College external examiners in many Asian and African countries, or similar exams for anaesthetists in Australasia and North America.
This book contains 540 questions in 6 papers as they might appear in the examination. Each paper has 90 questions, each with 5 parts. There are 30 physiological questions, 30 pharmacology questions and 30 physics, clinical measurement and statistics questions.
The questions have been constructed using information remembered by candidates sitting the London college examination in recent years. These may not be the exact questions as they appeared in the examination but will be of the same degree of difficulty and cover the same topics.
In order to pass the primary anaesthesia examination, knowledge is required and it is essential to learn about all the topics that might be examined. These questions are a guide to the syllabus and the subjects that should be covered before appearing in the examination.
It is probably not realistic to try to learn by just reading an MCQ book. But once the trainee has studied for 6 months or more then a book such as this is one way of testing whether enough of the topics have been covered and then the level of knowledge and understanding that has been achieved.
It is important to practise a technique for answering MCQ questions. In the examination hall it is a good idea not to record the answers on the answer sheet during the first 15 minutes as that is when mistakes of entering the answers under the wrong question number occur.