DALLAS – Jacobs Engineering Group Inc (NYSE:JEC) and Volterra Partners have been honored as a finalist in the 2017 Wolfson Economics Prize, the most significant global economics prize after the Nobel Prize. The Wolfson council asked, “How can we pay for better, safer, more reliable roads in a way that is fair to road users and good for the economy and the environment?”
The Volterra and Jacobs’ entry “Pricing for Prosperity,” sets out how present U.K. fuel and vehicle excise duties can be replaced by a road user charging system that results in faster journeys, guaranteed journey times, and less congestion and pollution.
“We’re honored to be one of the five finalists in the 2017 Wolfson Prize in collaboration with Paul Buchanan and the team at Volterra Partners,” said Jacobs Senior Vice President Buildings and Infrastructure Bob Duff. “Given the huge potential in this proposed solution, we look forward to working with governments worldwide to explore how a system like this could be developed, allowing better directed resources to help alleviate air quality, road congestion and road maintenance issues, as well as encourage new car technology.”
The proposed solution offers motorists choices of routes and prices depending on time of day, expected levels of congestion, type of vehicle used (to take into account pollution impact), and provides a guaranteed journey time. Any delays on the journey lead to either a partial or full refund or potentially a compensation payment. In addition, motorists making regular trips could, when congestion is predicted to be severe, be offered money either not to travel or to do so at less busy times.
The submission suggests money raised from the scheme is used to maintain and enhance the transport network, and to establish a community fund which will be available to communities most impacted by road traffic to mitigate and offset its impact.
Paul Buchanan, partner at Volterra and the submission’s principal author said, “Thanks to new technology, our Pricing for Prosperity solution offers the chance to radically reduce delays, fund a much better network at lower cost to users, and drive environmental and safety improvements while maintaining privacy for users. Drivers receive performance guarantees and compensation if those are not met.”
About the Wolfson Economics Award 2017
The Prize is sponsored by Lord Wolfson of Aspley, and run in partnership with the think tank Policy Exchange. It is the second largest economics prize in the world after the Nobel Prize and this year attracted over 120 entries from seven countries. This year’s Prize was directed by former Transport and Downing Street Special Adviser, Julian Glover. The Prize invites new thinking to address major economic policy issues that aren’t already subject to significant public discourse.
Jacobs is one of the world’s largest and most diverse providers of full-spectrum technical, professional and construction services for industrial, commercial and government organizations globally. The company employs over 54,000 people and operates in more than 25 countries around the world. For more information, visit www.jacobs.com.
Executive summary here.
Statements made in this release that are not based on historical fact are forward-looking statements. We base these forward-looking statements on management’s current estimates and expectations as well as currently available competitive, financial and economic data. Forward-looking statements, however, are inherently uncertain. There are a variety of factors that could cause business results to differ materially from our forward-looking statements. For a description of some of the factors which may occur that could cause actual results to differ from our forward-looking statements please refer to our Form 10-K for the year ended September 30, 2016, and in particular the discussions contained under Items 1 – Business, 1A – Risk Factors, 3 – Legal Proceedings, and 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations. We do not undertake to update any forward-looking statements made herein.