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Cost-benefit analysis of infrastructure projects in an enlarged European Union: an incentive-oriented approach

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  • Massimo FLORIO

    ()

  • Silvia VIGNETTI

Abstract

The purpose of the paper is to analyse some results of cost-benefit analysis in a sample of ISPA (Structural Instrument for pre-accession countries) projects. The focus is particularly on the variability of financial and economic rates of return and how to integrate this information in the EU co-financing mechanism. We investigate, through the analysis of variance of co-financing rate, to which extent variability of rates is due to structural characteristics (sectors, countries) or to the existence of a residual variance due both to specificity of the project and discretional element of the appraisal method, which may constitute an information noise. We find that the variance of co-financing rate across countries is poorly explained by different composition of sectors of investment. This suggests the need to reinforce a more consistent approach to evaluation and co-financing. We suggest some possible solutions.

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Bibliographic Info

Paper provided by Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano in its series Departmental Working Papers with number 2003-13.

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Date of creation: 01 Jan 2003
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Handle: RePEc:mil:wpdepa:2003-13

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Keywords: Cost-benefit analysis; Project Evaluation; Structural Funds; European Regional Policy;

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References

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  1. Boldrin, Michele & Canova, Fabio, 2003. "Regional Policies and EU Enlargement," CEPR Discussion Papers 3744, C.E.P.R. Discussion Papers.
  2. Arnott,Richard & Atkinson,Anthony B. & Arrow,Kenneth & Drèze,Jacques H. (ed.), 1997. "Public Economics Real Author-Name:Vickrey,William," Cambridge Books, Cambridge University Press, number 9780521597630, Fall.
  3. Frank Barry & John Bradley & Aoife Hannan, 2001. "The Single Market, the Structural Funds and Ireland's Recent Economic Growth," Journal of Common Market Studies, Wiley Blackwell, vol. 39(3), pages 537-552, 09.
  4. Roger Vickerman & Klaus Spiekermann & Michael Wegener, 1999. "Accessibility and Economic Development in Europe," Regional Studies, Taylor & Francis Journals, vol. 33(1), pages 1-15.
  5. Gillian Bristow & Nigel Blewitt, 2001. "The Structural Funds and additionality in Wales: devolution and multilevel governance," Environment and Planning A, Pion Ltd, London, vol. 33(6), pages 1083-1099, June.
  6. Massimo Florio, 1999. "An International Comparison of the Financial and Economic Rate of Return of Development Projects," Departmental Working Papers 1999-06, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
  7. Pereira, Alfredo M, 1997. "Development Policies in the EU: An International Comparison," Review of Development Economics, Wiley Blackwell, vol. 1(2), pages 219-35, June.
  8. Paul Lawless, 2001. "Community economic development in urban and regional regeneration: unfolding potential or justifiable scepticism?," Environment and Planning C: Government and Policy, Pion Ltd, London, vol. 19(1), pages 135-155, February.
  9. Alberto Bucci, 2003. "R&D, imperfect competition and growth with human capital accumulation," Departmental Working Papers 2003-11, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
  10. Esteban, J., 2000. "Regional convergence in Europe and the industry mix: a shift-share analysis," Regional Science and Urban Economics, Elsevier, vol. 30(3), pages 353-364, May.
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Cited by:
  1. Massimo Florio & Silvia Vignetti, 2013. "The use of ex post Cost-Benefit Analysis to assess the long-term effects of Major Infrastructure Projects," Working Papers 201302, Centre for Industrial Studies (CSIL).
  2. Andrea MAIRATE & Francesco ANGELINI, 2006. "Cost-benefit analysis and EU cohesion policy," Departmental Working Papers 2006-34, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
  3. Eva Palinko & Agnes Svoob & Marta Szabo, 2013. "Enhancing the Financial Absorption Capacity of EU Member States Through the Reconsideration of Current Allocation Rules," Transition Studies Review, Springer, vol. 20(3), pages 351-366, November.

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