Transport appraisal revisited
By P. Mackie, T. Worsley, Jonas Eliasson. 2014
147 citations recorded by the source corpus.
Cost-benefit analysis has become a widely used and well developed tool for evaluation of suggested transport projects. This paper presents our view of the role and position of CBA in a transport planning process, partly based on a survey of a number of countries where CBA plays a formalised role in decision making. The survey shows that methodologies, valuations and areas of application are broadly similar across countries. All countries place the CBA results in a comprehensive assessment framework that also includes various types of non-monetised benefits. An important advantage with using CBA is that it is a way to overcome cognitive, structural and process-related limitations and biases in decision making. Some of the main challenges to CBA and to quantitative assessment in general lie in the institutional and political context. There is often a risk that CBA enters the planning process too late to play any meaningful role. This risk seems to increase when planning processes are centred around a perceived “problem”. If the problem is perceived as important enough, even inefficient solutions may be viewed as better than nothing, despite that the definition of what constitutes a “problem” is often arbitrary.
Subfields: Economics and Econometrics, Transportation
View Paper: https://www.semanticscholar.org/paper/523124db85c634b0e9e02f8edabbc0821d0ff7f5
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In Economics and Econometrics
In Transportation
Citations in the corpus
- Values of travel time in Europe: Review and meta-analysis (2016, background): “Although there are variations by distance and by mode, the Mackie et al. (2014) review of appraisal practice in seven countries reports official values for non-business trips varying around this figure of 30%.”