Cost benefit analysis, developing planning and the EU cohesion fund: learning from experience

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Cost benefit analysis, developing planning and the EU cohesion fund: learning from experience

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Massimo FLORIO ()
Silvia VIGNETTI ()

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Abstract

In this paper we consider the experience of transport and environmental evaluation in the framework of the Cohesion Fund, established by the EU in 1993 to co-finance through grants infrastructure projects in Spain, Portugal, Ireland and Greece, and more recently in the new Member States. We focus on the regulatory requirement to provide the Commission a cost-benefit analysis of the investment projects. We assess some recurrent conceptual issues in project appraisal for the Cohesion Fund. In particular we discuss typical omissions and errors we have observed in our reading of large samples of project applications and ex-post evaluations. We propose theoretically consistent and feasible solutions in the most critical areas for the CBA of Cohesion Funds projects: The choice of time horizon and the calculation of the residual value, the adoption of financial versus social discount rates, shadow pricing and the shadow wage, sensitivity and risk analysis

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Paper provided by Department of Economics University of Milan Italy in its series Departemental Working Papers with number 2004-31.

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Date of creation: 01 Jan 2004
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Handle: RePEc:mil:wpdepa:2004-31

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Find related papers by JEL classification:
H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate
O22 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Project Analysis
R42 - Urban, Rural, and Regional Economics - - Transportation Systems - - - Government and Private Investment Analysis

This paper has been announced in the following NEP Reports:

NEP-ALL-2004-12-12 (All new papers)

References listed on IDEAS
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Dreze, Jean & Stern, Nicholas, 1990. "Policy reform, shadow prices, and market prices," Journal of Public Economics, Elsevier, vol. 42(1), pages 1-45, June. [Downloadable!] (restricted)
Lind, Robert C., 1990. "Reassessing the government's discount rate policy in light of new theory and data in a world economy with a high degree of capital mobility," Journal of Environmental Economics and Management, Elsevier, vol. 18(2), pages S8-S28, March. [Downloadable!] (restricted)
Harberger, Arnold C, 1997. "New Frontiers in Project Evaluation? A Comment on Devarajan, Squire, and Suthiwart-Narueput," World Bank Research Observer, Oxford University Press, vol. 12(1), pages 73-79, February. [Downloadable!]

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