Do sensors make infrastructure safer?

Simply driving down the road gives you a sense for the current state of our infrastructure: crumbling and in need of repair. Aside from retrofitting or replacing current infrastructure with new construction and materials, ...

The business of biodiversity: can we put a value on nature?

Nature provides people with everything from food and water to timber, textiles, medicinal resources and pollination of crops. Now, a new approach aims to measure exactly what a specific ecosystem supplies in order to incentivise ...

The blue economy – ocean of opportunity or sea of troubles?

For centuries, we have thought of the ocean as unimaginably vast and unchangeable, as a sea of opportunity, spawning fishing fleets and shipping lines, building the wealth of maritime nations. The ocean fundamentally underpins ...

Nudging does not necessarily improve decisions

Nudging, the concept of influencing people's behavior without imposing rules, bans or coercion, is an idea that government officials and marketing specialists alike are keen to harness, and itis often viewed as a one-size-fits-all ...

Education improves economic rationality, study finds

There has been sustained interest across behavioral and social sciences – including psychology, economics and education – in whether people are born to be rational decision-makers or if rationality can be enhanced through ...

Parrots' economics

An economic decision-making involves weighing up differently beneficial alternatives to maximise profits. This sometimes requires foregoing one's desire for immediate rewards. Not only does one have to control one's own impulses, ...

Sticking with the wrong choice

The behavior of people who remain committed to a choice, even when it is clear that an alternate choice would be a better option, has been a perplexing phenomenon to psychologists and economists. For example, people will ...

Flood protection is everyone's responsibility

The complex interactions between floods and society are currently being investigated at TU Wien. The economy needs the central government to organise flood protection. Humans have an impact on water sources through dams, ...

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