Quantifying the Socio-economic Benefits of Transport

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This report sets out several of the recent advances, and suggests the most promising approaches, to the quantification and valuation of some of the wider economic benefits that flow from transport-related development. Economic appraisal can offer decision-makers important insights into the expected socio-economic impacts of transport projects. The sophistication of modern supply chains and the growing prominence of the services sector have increased the interest of decision-makers in economic benefits beyond those traditionally captured in transport appraisal.

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Improving transport cost-benefit analysis: Overview and findings

International Transport Forum

Socio-economic cost-benefit analysis (CBA) is a powerful framework that can be very useful to governments making investment decisions. However the standard application of transport CBA has room for improvement. This chapter describes efforts to improve the quality of transport CBA and its applicability to decision making. Three areas are addressed in detail: strategies for making the most of CBA, valuing and forecasting reliability benefits, and capturing wider economic impacts. The chapter is based on the papers and discussions at a roundtable meeting of 30 experts held in Paris in November 2015. Roundtable participants took the view that a multi-faceted approach is needed to address the shortfalls; CBA theory and practice need to be gradually expanded to incorporate more impacts in the rigorous valuation and forecasting framework; and CBA results need to be more effectively linked to other criteria in the broader decision-making framework, including by bringing in a more diverse evidence base. 1

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