DISCUSSION 4 – THE BIG FIVE

  

Due Sunday, October 30, 2022, 11:59 PM
Time remaining: 2 days 23 hours
After reading pgs 30-37 “The Big Five,” describe each of the five personality traits. If there is a trait that you think should have been included in the big five which describes personality differences.
Please include APA references as necessary and at least 200 words in your responses.

CHAPTER 1

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30

The Structure of Personality: The Big Five. If personality
psychology were to advance from a preliminary classifi cation
of traits to the prediction of real-world outcomes and other
psychological constructs, it would be essential to establish
a consensus concerning the number and nature of traits that
are necessary to describe the basic psychological differences
between individuals. While both Cattell and Eysenck have made
notorious contributions in this respect, the system that appears
to have won the vote of most differential psychologists is the
Five Factor Model, also referred to as the Big Five personality
traits.

Like Cattells 16 Personality Factors, and Eysencks Gigantic
Three, the Big Five personality framework is based on factor
analytic evidence. And like the models presented above, it origi-
nated from the lexical hypothesis, that is, the assumption that
the major dimensions of individual differences can be derived
from the total number of descriptors in any language system.
So what is different about the Five Factor Model? The answer is
straightforward: a large body of research evidence.

The decades following Cattells initial attempts to consoli-
date a lexical-based personality model largely consisted of trait
psychologists search for a taxonomy of personality that could
represent the fundamental and truly independent trait dimen-
sions. A now only widely quoted study conducted by Norman
(1967), which drew upon earlier research conducted by Allport,
Cattell, Tupes and Christal (1961/1992) and others, indicated
that fi ve factors were both necessary and suffi cient to explain the
fundamental structure of personality. Normans work has since
been replicated by a vast number of research studies and several
meta-analyses (which estimate the average correlation in hun-
dreds or thousands of studies). The fi ve factors found in these
studies have been shown to have good validity and reliability
across research studies, varying populations, and spanning sev-
eral decades. This has led most researchers today to agree on
a personality taxonomy that consists of fi ve major personality
dimensions. According to the Five Factor taxonomy, the fi ve

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Chamorro-Premuzic, T., & Ahmetoglu, G. (2012). Personality 101. Retrieved from http://ebookcentral.proquest.com
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WHAT IS PERSONALITY AND WHY BE INTERESTED?

31

major personality traits or factors are Neuroticism, Extraversion,
Openness to experience, Agreeableness, and Conscientiousness,
hence the widely used acronyms of NEOAC or OCEAN.

So what do these fi ve factors correspond to? The fi rst two
factors of the Big Five, Neuroticism and Extraversion, are nearly
identical to the ones proposed by Eysenck and will now be famil-
iar to you. The third factor, Openness to experience, is derived
from the ideas of Coan (1974) and represents the tendency to
engage in intellectual activities and experience new sensations
and ideas. This factor is also referred to as creativity, intellect,
and culture (Goldberg, 1993). It comprises the primary facets
of fantasy, aesthetics, feelings, actions, ideas, and values. In a
general sense, Openness to experience is associated with intel-
lectual curiosity, aesthetic sensitivity, vivid imagination, behav-
ioral fl exibility, and unconventional attitudes. People high on
Openness to experience tend to be dreamy, imaginative, inven-
tive, and nonconservative in their thoughts and opinions. Poets
and artists (and, to some extent, psychologists and psychol-
ogy students, too) may be regarded as typical examples of high
Openness scorers.

A fourth factor, Agreeableness (also known as sociabil-
ity), refers to friendly, considerate, and modest behavior. Thus
Agreeableness is associated with a tendency toward friendliness
and nurturance and comprises the subfacets of trust, straight-
forwardness, altruism, compliance, modesty, and tender-
mindedness. Agreeable people can thus be described as caring,
friendly, warm, and tolerant, and have a general predisposition
for prosocial behavior.

Finally, Conscientiousness is associated with proactivity,
responsibility, and self-discipline. (Does this apply to you? If
youre reading this book just before your exam, perhaps not!)
This factor includes the primary dimensions of competence,
order, dutifulness, achievement-striving, self-discipline, and
deliberation. Conscientious individuals are best identifi ed by
their effi ciency, organization, determination, and productiv-
ity. No wonder, then, that this personality dimension has been

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Chamorro-Premuzic, T., & Ahmetoglu, G. (2012). Personality 101. Retrieved from http://ebookcentral.proquest.com
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32

reported to be signifi cantly associated with various types of
performance.

How Many Factors Should We Use? As you can see, there
are three novel personality traits identifi ed and included
in the Big Five taxonomy that are not presentalthough
arguably representedin the Eysenckian model. Specifi cally,
Eysencks idea of Psychoticism would be conceptualized in
terms of low Agreeableness, high Openness to experience, and
low Conscientiousness (Digman & Inouye, 1986; Goldberg,
1982; McCrae, 1987), but Eysenck considered Openness as an
indicator of intelligence or the cognitive aspect of personality
rather than of temperament. On the other hand, Eysenck and
Eysenck (1985) conceptualized Agreeableness as a combination
of low Psychoticism, low Neuroticism, and high Extraversion
rather than as a personality dimension in its own right. A large
number of studies have empirically examined this relationship.
In general, Neuroticism and Extraversion have been found to
be overlapping dimensions in both systems, suggesting that the
Big Five and Gigantic Three are assessing two pairs of almost
identical traits. However, Agreeableness and Conscientiousness
tend to correlate only moderately with Psychoticism (r = .45
and .31, respectively), and Openness has been found to be
uncorrelated with Psychoticism (r = .05) (Chamorro-Premuzic,
2011). Thus, the systems seem to differ to some extent in their
assessment of traits other than Neuroticism and Extraversion.

At this point, you would be forgiven to think that the exis-
tence of a variety of models, which include different number
of factors, refl ects some arbitrariness in psychologists attempts
to identify the fundamental structure of personality. However,
before you are drawn to such a conclusion, you should consider
that three, and at most fi ve, factors are consistently found in
studies of this kind. Rarely do researchers fi nd four, six, one, or
ten factors. These fi ndings can not be considered statistical arti-
facts. For instance, in intelligence research with similar statis-
tical methodologies, researchers consistently fi nd a one-factor
solution. And as mentioned before, this factor structure is found
across a large number of research studies, in various cultures,

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WHAT IS PERSONALITY AND WHY BE INTERESTED?

33

and across genders, and different ages. Thus, whether it is three
factors or fi ve may depend on whether a researcher judges that
the fi ve factors can be condensed into three. However, research-
ers rarely dispute the large amount of research evidence that
demonstrates the existence of a personality structure that con-
sists of either three or, most notably, fi ve factors.

Criticism of the Big Five. Despite its popularity, the Five Factor
Model has been criticized for its lack of theoretical explanations
for the development and nature of the processes underlying
some of its personality factors, in particular Openness,
Agreeableness, and Conscientiousness (see Matthews & Deary,
1998, for a detailed discussion on this topic). This means that,
even if the Big Five factors represent an accurate description of
individuals, it is not known where differences in these traits
arise from.

Another more recent criticism regards the relationship
among the Big Five traits. Although the fi ve factors are meant to
be orthogonal or unrelated, when Neuroticism is reversed and
scored in terms of emotional stability, several studies reported
all fi ve traits to be positively and signifi cantly intercorrelated
(Chamorro-Premuzic, 2011). Although these intercorrelations
are usually modest, they may suggest that personality could be
further simplifi ed to more basic underlying traits, perhaps
even one general factor. On the other hand, differential psy-
chologists (such as Digman, 1997) have speculated on the pos-
sibility that these positive intercorrelations among the Big Five
factors may be a refl ection of sociably agreeable responding (or
faking good), as high scores on the Big Five, at least in the
United States and Western European countries, are more desir-
able than low scores (remember, this rule only applies when
Neuroticism is reversed).

However, the Five Factor Model has shown good validity and
reliability, leading most researchers to agree on the existence of fi ve
major personality dimensions, as well as the advantages of assess-
ing these dimensions through the NEO Personality Inventory-
Revised (NEO-PI-R) (Costa & McCrae, 1985, 1992). Perhaps the

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34

most obvious advantage of this consensus is the agreement itself,
which allows researchers to compare and replicate studies on
personality and other variables, providing a shared or common
instrument to assess personality. Thus the Big Five are the lati-
tude and longitude (Ozer & Reise, 1994, p. 361) along which any
behavioral aspects can be consensually mapped.

In that sense, the choice of a unique instrument to assess
individual differences in personality may be compared to that
of a single and universal currency, software, or language, which
provides a common ground for the trading and decoding of
goods, information, or knowledge. Besides, the advantage of
the NEO-PI-R Five Factor Model is that it accounts not only for
a lay taxonomy of personality (based on the lexical hypothesis),
but also for other established systems, which can be somehow
translated into the Five Factor system. Thus, fi ndings on other
scales may be interpreted in terms of the Big Five personality
traits, just as other currencies can be converted into dollars or
euros according to a given exchange rate. For example, self-
monitoring, or the extent to which an individual evaluates his
or her behavior and the way this may be perceived by others
(Snyder, 1987), could be largely explained in terms of high
Agreeableness, Extraversion, and Neuroticism. On the other
hand, authoritarianism (Adorno, Frenkel-Brunswick, Levinson,
& Sanford, 1950) may be partly understood as a combination of
low Openness and Agreeableness.

The Person-Situation Controversy

In introducing our discussion of the trait approach, the fi rst
assumption of trait psychology was made clear: Traits are con-
sistent patterns in thoughts, feelings, and behavior, both across
situations and over time. Indeed, the large amount of research
evidence and the various theories presented in the rest of the
section were based on this fundamental assumption of con-
sistency. On the one hand this assumption is intuitive. People
behave consistently, which is why we consider them to have

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WHAT IS PERSONALITY AND WHY BE INTERESTED?

35

personalities in the fi rst place. On the other hand, intuition
also tells us that we dont act the same way in all situations. For
instance, even if you consider yourself shy, you are probably not
shy in all situations. You may be shy in some parties but socia-
ble in others. Alternatively, you may generally be withdrawn
when you meet new people but always gregarious around your
friends. Similarly, acquaintances may consider you agreeable
while your friends may say you are very opinionated. You may
be lazy in some aspects but hardworking in others.

These statements probably do not baffl e youthey seem
common sense. However, this very fact raises a fundamental
question: How consistent is the hypothesized consistency in the
fi rst place? That is, are we actually sociable, agreeable, or con-
scientious across most situations? Or does our behavior change
depending on the situation that we are in (e.g., a friends birth-
day party or a family gathering), the people we are with (close
friends or work colleagues), or the role that we have (employee
or boy or girl friend)? This question of the relative stability of
traits across situations began over 30 years ago and came to be
known as the person-situation controversy.

In the 1960s, the so-called situationist movement raised
a fundamental attack against the trait theory. At the fore-
front of this movement was Walter Mischel. In his 1968 book
Personality and Assessment, Mischel reviewed research evidence
from the literature that revealed that people may in reality be
behaving much less consistently than trait theories would pre-
dict. For instance, in a now classic study concerning childrens
honesty, behaviors such as cheating, lying, and stealing were
only marginally correlated when assessed in different settings,
such as the classroom, at home, or in social settings. The study
unambiguously showed that a child that was dishonest in one
setting (say cheated in class) was not necessarily dishonest in
another (i.e., did not cheat when it came to sports). In fact,
the correlations between these behaviors in different settings
rarely exceeded .3. Mischel reviewed a number of studies that
indeed seemed to show the same pattern of results. Following

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36

his review, Mischels conclusion was clear: Evidence clearly
showed that behavior is largely determined by the characteris-
tics of the situation and not the characteristics of the person.

Unavoidably, this criticism was a fundamental challenge
to the very existence of the fi eld of personality psychology. In
its mild form, the argument would suggest that personality is
not very important. In its extreme form, it would suggest that
personality does not exist.

Unsurprisingly, Mischels attack on the trait concept was
met by a vigorous counter-reaction from trait psychologists.
The reaction took several forms. Some psychologists argued
that Mischel was selective in his review of the evidence. Others
contested the real-world value of the fi ndings, most of which
derived from studies carried out in artifi cial, or experimental,
settings. A third criticism comes from the diffi culty in actually
determining that a given behavior is a manifestation of a given
trait. Burping after a meal may be seen as a sign of disagreeable-
ness or low Conscientiousness in western cultures, but in Korea,
it is a polite response. Giving someone the fi nger and sticking
ones tongue out at the person are different behaviors, but both
act to signify consistent intentions (Hogan, 2007).

Importantly, psychologists pointed out that Mischels dis-
missal of the signifi cance of personality traits predictive power
based on the correlation value of .3 (even if this correlation was
not underestimated) is incorrect. According to theorists, a corre-
lation of this size can have substantial practical utility (Schmidt
& Hunter, 1998). Indeed, such effect sizes would be considered
very respectable, for instance, in medical practices. One extreme
example is the negative correlation of .034 between aspirin con-
sumption and heart attack, which was enough for researchers
to conclude that a monumental breakthrough had been made
(Rosenthal, 1990).

There is no doubt, however, that the most important coun-
ter-argument against Mischels claims concerned his very con-
cept of consistency. According to critics, Mischel signifi cantly
underestimated the true predictive power of traits because of a

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WHAT IS PERSONALITY AND WHY BE INTERESTED?

37

conceptual fl aw. Specifi cally, they argued that the studies that
he reviewed seemed to show low cross-situational consistency
because they usually assessed specifi c behaviors only on single
occasions. The above-mentioned study concerning childrens
honesty, for instance, would assess the correlation between dis-
honesty (e.g., cheating) displayed on one occasion (e.g., in class)
and dishonesty displayed on another occasion (e.g., in sports).
Theoretically, however, traits are meant to predict behavioral
tendencies rather than single instances of particular behaviors.
If the single occasion of cheating in class was not a refl ection of a
tendency, but rather refl ected a rare incident, then the study did
not measure the trait of dishonesty in the fi rst place. Evidently,
it is more diffi cult to predict a single behavior than aggregated
behaviors (i.e., tendencies). It would be diffi cult to predict, for
instance, whether a student will be sloppy with his homework,
disorganized with his future goals, and often absent from his
part-time job, just because he was late to class today. However,
if the student was late to most classes (assuming no unavoidable
reason existed), this prediction could be made with more con-
fi dence. Thus, according to trait theory, to determine whether
people behave consistently from one situation to another, the
behavior in each situation must be measured not just once, but
on a number of occasions.

Of course, such data are diffi cult of obtain. Thus, the above
argument posed by trait theorists was generally regarded a theo-
retical one. However, research carried out in the last decade has
now also provided empirical backing for these claims. This line
of research involves asking participants to report their current
behavior, thoughts, and feelings multiple times a day for sev-
eral days. This may include questions such as During the past
hour, how well does talkative describe you? Thus in addition
to a standard personality questionnaire score indicating how
extraverted, agreeable, conscientious, and so on a person is,
researchers obtain how extraverted, agreeable, conscientious,
and so on a person actually acts on average across various situ-
ations and over an extended period of time. Thus, this provides

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CHAPTER 1

38

clear data on how little or how much behavior actually varies
from situation to situation and over time.

Fleeson and Gallagher (2009) conducted a meta-analysis
of 15 studies employing such an impressive methodology.
Their results showed that traits were strongly predictive
of everyday trait manifestation in behavior, with correla-
tions between .42 and .56. The authors conclusion was
unambiguous:

The resulting correlations comfortably surpassed .30 and even
.40. This evidence combined with the strong predictions of life
outcomes (Ozer & Benet-Martinez, 2006) casts strong doubt on
the contention that traits do not predict behavior or that they have
a .30 to .40 ceiling. In fact, far from being irrelevant, traits appear
to be necessary for a full understanding of behavior, given the
large amount of variance in trait manifestation in behavior they
predict. (p. 1109)

PERSONALITY DISORDERS:

WHEN OUR PERSONALITY IS ABNORMAL

In the previous sections, we talked about various theories of
personality, including the dispositional paradigm, which states
that there are quantitative differences or variability in the degree
to which people display certain personality traits. However, our
discussion focused on general or normal behavioral tenden-
cies. A distinct fi eld of psychology that focuses on abnormal
behaviors, namely psychopathology or abnormal psychology,
also informs our understanding of personality, and shall be
examined briefl y in this chapter. Given that psychopathology
is a huge area of psychology, we shall focus primarily on the
specifi c area of psychopathology that is most relevant in rela-
tion to personality, namely, personality disorders. These refer to
relatively pervasive maladaptive patterns of behavior, thought,

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. Objectives Unacceptable Below Average Acceptable Above Average Exemplary Score

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No spelling, structure, or
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discussion with clear,
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I need Help

The third topic on prescription coverage for smoking cessation is a program and so you can work on a CBA on this.
-Smoking cessation prescription coverage: cost-benefit analysis
Smoking is among the activities that incur higher healthcare expenditures in the US. According to research, it incurs up to $168 billion of the US aggregated spending in America. Therefore, smoking cessation is one of the strategies prescribed by the US healthcare industry to help improve outcomes of the health of smokers, increase the number of quitters and reduce the burden of smoking. Even though the strategy can work in leveraging all these, patients using the out-of-pocket means find it a limiting strategy. Payers in the healthcare industry are essential because they use formulary decisions and policies; however, they should consider the required financial investments and the negative impacts of increased coverage in healthcare budgeting.

CBA Term Paper Submission Guide

Submission of a term paper implies that the work is original and not copied from another project. Plagiarism will cause a term paper grade of F.
All manuscripts should be prepared in MS-Word format. If you have any questions, please contact Dr. Howell.

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Dr. Maribel M. Howell

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You are free to choose any topic of interest to you. However, I will have to approve the topic before you start working on the project. Each student in the course selects a topic of interest to them (policy/program/project), and prepares a paper on that topic using insights from the course, their own experience, and data gathered from as many sources as you can. The paper can be qualitative or quantitative. A key element of the paper is to apply concepts and principles of benefit-cost analysis discussed in the course. A typical paper is a CBA of a project.

CBAs are usually done for
projects with social impacts (with a number of individuals affected), for example, a project for a community, city, state, or nation. Topics for personal projects such as which car to buy, renovating your house, building a personal business, etc. will not be approved.

Term Papers Format: The paper is to contain at a minimum: 1) Cover page, 2) Introduction 3) Discussion, 4) Conclusions, and 5) References. I would use the nine basic steps of CBA discussed in Chapter 1 as guide on writing the paper. The length of the paper is12 pages (excluding the cover page and list of references). The paper is to be typed double-spaced and turned in before or on
December 6. CANVAS must be used to submit the paper.
Emailed submissions will not be accepted.

Previous Student Topics. See posted examples in CANVAS under Files SAMPLE CBA PROJECTS folder.
A Cost-Benefit Analysis of Smoking Cessation: Madison County Perspective
Gambling: A Cost-Benefit Analysis
CBA of Constructing a Library
CBA of Recycling in Huntsville
CBA of Artificial Reef Project
A Cost Benefit Analysis of a Permanent Lighting System for a Small Community Recreational Center in Harford County Maryland
Cost Benefit Analysis U.S. Household Residential Lighting: Incandescent versus LED
Energy Efficiency in the Home with ENERGY STAR Products:
A Cost Benefit Analysis for Alabama
A CBA Analysis of Implementing a Hydrogen Infrastructure for Vehicle Transport
A CBA of a New Commuter Rail System for the Atlanta Georgia Suburbs
Willingness to Pay for a Park
Airline Cell Phone Costs: CBA
Construction of a Community Swimming Pool: A Cost-Benefit Analysis
The Choice of Immunization: A Cost-Benefit Analysis
Cost Benefit Analysis of Floridas Proposed High Speed Rail System
CBA of Alabama State Funded Lottery
CBA of Legalizing Medical Marijuana
CBA of Upgrading to LED Street Lights
Construction Project of an Aerial Gondola between Rosslyn And Georgetown: a CBA
Cost-Benefit Analysis of the Proposed Additional Nature Trail Connecting Chancellors Run
Cost Benefit Analysis: Barnes Boulevard Widening Project
A CBA of the Hyperloop as a New Mode of Transportation in California
A Cost Benefit Analysis of Bringing Uber to Huntsville
Solar Street Light Conversion: A Cost Benefit Analysis
CBA of a Shortened Full-time Work Week
CBA for a Dog Park
A Cost Benefit Analysis of Constructing a Community Garden
Cost Benefit Analysis of the Construction of a Parking Garage in The Vicinity of Major Naval Shipyard
Cost Benefit Analysis: Oklahoma City Northwest Multimodal Transportation Corridor
Cost Benefit Analysis of a Telework Program for Federal Employees within Huntsville, AL
Cost-Benefit Analysis of $15 Minimum Wage in Florida
Cost-Benefit Analysis of a Human Mission to Mars
A Cost Benefit Analysis of the Construction Project of a Playground for Local Community

A CBA Project Proposal is required and submitted as a homework. The final project is 25% of your course grade. CBA Projects will be graded based on content/ writing (20%), quantity and quality of data used (30%), application of lessons learned and analysis (50%).

Writing Tips:
Start your data research early and make sure information/ data is available for your topic. The quality of your paper is highly dependent on available data.
Choose a topic with social impacts.
Get a topic approved early so you can start working on your paper early. Email your topic anytime for approval. Do not wait for when the CBA proposal homework is due.
Cite the sources of your information in your discussion.
Use tables to present data and analysis. There is no limit on the number of tables in your paper.
Monetize all impacts, including non-monetary benefits (use value of your project) and costs.
Discuss how you got your impact valuation. Dont just enumerate the benefits and costs but discuss how you measured them. What data did you get? Where did you get the data? How are you using the data to measure a cost or a benefit of your program?
Include a sensitivity analysis.
Include a summary and discuss your recommendation.

Abstract Samples

Abstract 1

In a world of fast-developing technology and increased usage of social media, there seems to be an app for everything and a way to stay connected to everyone around us. This phenomenon has come to include transportation. Uber, a network transportation company, offers a more favorable alternative to the traditional for-hire transportation services, such as taxis. This innovative approach to ordering a ride both meets the modern desire for quick service and stimulates the economy, while maintaining environmental and safety standards. The Cost Benefit Analysis in this paper will compare Uber to the existing taxi services in Huntsville. If the benefits outweigh the costs, Uber will offer a newer, better mode of transportation in Huntsville that will provide jobs and improve safety on the road.

Abstract 2

An in medias res cost benefit analysis was conducted on the Barnes Boulevard roadway expansion project in Rockledge, FL in which construction commenced in late 2014. The analysis is provided by an external party with no standing or potential to impact future resource allocation or project continuation. Agencies with standing include the state of Florida, Brevard County and the City of Rockledge. Benefit impact categories assessed include time savings, safety savings and salvage or residual value of the roadway. Cost impact categories were analyzed using construction and maintenance costs. Useful life of the analysis is twenty years and all impact categories are discounted at a standard rate of 4%. Net social benefits for the roadway expansion are positive with the highest NPV in the City of Rockledge. A sensitivity analysis concluded NPV may be understated, furthering the decision to proceed with the project.

Abstract 3

This paper provides a cost-benefit analysis (CBA) on converting an existing outdoor multi-purpose natural turf playing field to artificial turf. Impacts considered in this analysis include: construction, maintenance, and field usage. This research focuses on impacts sustained by municipalities maintaining a multi-purpose playing field over a 20 year period and the social impacts on usage during the same time frame. Both natural and artificial turf surfaces are compared. Frequency of use and availability of the field is also considered in the analysis of impacts. Using research of previously published works and interviews with municipal workers using and maintaining an artificial turf field, the author uses methods associated with cost-benefit analysis to compare costs versus benefits in converting an existing natural turf field to artificial turf. Projected costs and benefits are converted to present values and discounted over a 20 year period. Growth rates are applied to the annual net benefits. The general findings in this analysis indicate that converting natural turf to artificial turf provides a significant savings in total cost over a 20 year period. Artificial turf fields also have the ability to provide more playing time due to inclement weather which increases the total benefit of the field. Artificial turf fields have the ability to produce a positive Net Social Benefit (NSB) over a 20 year life.

Abstract 4

This paper displays a cost-benefit analysis for the Oklahoma City Northwest Multimodal Transportation Corridor project. This project proposes developing a nine-mile stretch of Oklahoma City to incorporate automobile, bus, pedestrian, and Bus Rapid Transit (BRT) transportation into the downtown corridor. The purpose of this paper is to provide a detailed analysis comparing the varying costs involved in the project, such as infrastructure or operating costs, with the varying benefits of the project, such as safety or travel time benefits, in order to determine whether the project has a positive social impact on Oklahoma City and its surrounding areas over a thirty-four year period of time. The findings in this paper show that the multimodal transportation corridor project provides a positive Net Social Benefit to the citizens and visitors of the Oklahoma City area and provides a Net Present Value (NPV) of $30,458,560 over the thirty-four year time-frame.

Abstract 5

As an option to assist first-time home buyers in Madison County, Alabama, this paper contains a cost-benefit analysis (CBA) of the impacts for a regulation that would restrict newly listed mortgage eligible single-family homes to be available to purchase as primary residence only for the first 60 days on market. The current area real-estate sales market is evaluated, along with data gathered on the real-estate rental market. Estimates for the portion of investors purchasing newly listed properties are made to assess the impacts of the regulation. Expectation to impact individual wealth growth and disposable income in the form of benefits to the residents of Madison County, Alabama calculated through wealth growth estimates and mortgage to rental prices. Costs from loss of rental income for those living in and renting out properties within the county, along with increased days on market from sales more likely to fail to close with contingencies are calculated as well. These impacts are assessed for the 3-year life of the project and result in a net present value (NPV) of $83,710,085. Sensitivity analyses are performed showing best- and worst-case scenarios, both resulting in positive NPV.
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