Transport appraisal revisited
2014 (English)In: Research in Transportation Economics, ISSN 0739-8859, Vol. 47, 3-18 p.Article in journal (Refereed) Published
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.
Place, publisher, year, edition, pages
2014. Vol. 47, 3-18 p.
Cost-benefit analysis, Project appraisal, Transport investments
Transport Systems and Logistics
IdentifiersURN: urn:nbn:se:kth:diva-161570DOI: 10.1016/j.retrec.2014.09.013ISI: 000349567700002ScopusID: 2-s2.0-84922793235OAI: oai:DiVA.org:kth-161570DiVA: diva2:798332
QC 201503262015-03-262015-03-132015-03-26Bibliographically approved