The ‘Hensher equation’ is a prominent method for valuing the benefits of business travel time savings. This paper derives the equation from first principles, revealing several underpinning assumptions, as follows: (I) production is a function only of labour given fixed capital; (II) the...

<title>Abstract</title> Politics and governance have become central to explanations of the widespread under-provision of public services in developing countries. Political analysis offers an understanding of what might otherwise appear to be exclusively managerial or capacity problems. The articles in this...