Under the current practice of benefit-cost analysis, the direct economic benefits produced by a newly built transit facility are assessed based on how it affects travel time and various costs that are associated with transport needs and travel behavior. However, the time-saving-based benefit calculation approach has been questioned and criticized. Given the strong correlation between accessibility and land value, we propose the access-based land value benefit assessment as an alternative, and apply this assessment method to analyzing the Second Avenue Subway project in Manhattan, New York. The primary principle of the access-based method is that the economic value of a transport project’s intangible gains is largely capitalized by nearby properties’ value appreciation, which is directly caused by improved transport accessibility. We find that: (i) the actual travel time saving is lower than originally forecast; (ii) a strong positive correlation between residential property value and job accessibility by transit is observed; (iii) the appreciation in sold property value and rented property value both far exceed total project cost; and (iv) such results support the decision to approve and construct the Second Avenue Subway.

Having upended the traditional software development, which historically was centred exclusively on proprietary, copyright-protected code, open-source has now entered the physical artefact world. In doing so, it has started to change not only how physical products are designed and developed, but also the commercialisation process. In recent years, authors have witnessed entrepreneurs intentionally choosing not to patent their product design and technologies but instead licencing the designs and technologies under open-source licences. The entrepreneurs share their product designs online with their community – people who congregated due to the shared interests in products’ technology or project’s social objectives. Founding a startup firm without excluding others from using their own invention is not a common practice. Therefore, there is reason to ask if this choice a strategic decision or irrational action due to short-sightedness or extreme altruism? Conducting interviews with 65 founders, we grounded a framework explaining that the driver of going open is a result of both intrinsic and extrinsic factors. In addition, we observed the change of identities over time among the entrepreneurs. We hope to use this paper as a pilot study of this emerging socio-technological phenomenon, which is understudied relative to the proprietary product commercialisation process.

Broad economic and social reform, rapid technological change and increasing global competition have meant that organisations must consider all aspects of their business model in order to successfully create and capture ongoing customer value. In this study it is proposed that business model innovation must always consider and incorporate the symbiotic and interdependent relationship that stakeholders have with an organisation. One particular aspect of economic reform, privatisation, has become an important driver of economic growth in many economies, particularly when linked with the rapid growth of air travel. Privatisation of an airport can generate a radical change in the overall business model for the airport owner and the various stakeholders involved in the operation of the airport. Sydney Airport has restructured its overarching business model to meet the demands of stakeholders. Using feedback from key stakeholders, this research examines the generally accepted view that airport privatisation leads to an improvement in airport performance. Chesbrough's Business Model Framework provides a lens to assist the analysis of Sydney Airport operations before and after privatisation, and provides valuable insights into the impact of privatisation on business model innovation.