Polasek, Wolfgang (Department of Economics and Finance, Institute for Advanced Studies, Vienna, Austria) Schwarzbauer, Wolfgang (Department of Economics and Finance, Institute for Advanced Studies, Vienna, Austria) Sellner, Richard (Department of Economics and Finance, Institute for Advanced Studies, Vienna, Austria)
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Economists expect positive returns to investments in infrastructure. However a project with higher national returns might have less favourable effects on a regional level than the alternative. Therefore new infrastructure should also be assessed on a regional level, but econom(etr)ic evaluation models are scarce, especially in regional science. This paper proposes new approaches to evaluate infrastructure by a dynamic spatial econometric model that allows long-term predictions. We investigate the regional effects for two Austrian railway projects and show that infrastructure returns are positive on an aggregate and at a regional level but spatial variation can be large.
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Paper provided by Institute for Advanced Studies in its series Economics Series with number
242.