Extending monetary values to broader performance and impact measures: Transportation applications and lessons for other fields
This article examines recent progress at assigning monetary values to what are normally considered "hard to quantify" benefits of transportation projects. It focuses on three types of impacts - environmental quality, health and wider economic impacts - to examine how transportation project evaluation methods have evolved in recent years and how they compare to methods used for evaluation of non-transportation programs. Examples of recent practice are provided to show how transport agencies are continuing to refine performance measures to include broader impacts in project evaluation. A classification is provided to distinguish direct traveler effects from indirect effects on non-travelers, a step important to maximize coverage and minimize double-counting of impacts. For each type of impact, the paper discusses the range of variation in monetized values and shows that the variation is due less to imprecision in measurement than to fundamental issues about whether to use damage compensation, impact avoidance costs, stated preferences or behavioral valuation perspectives to define those values. Case studies as diverse as Australian roads, Wisconsin energy programs and Appalachian economic development programs are used to show how common methods are evolving among transport and non-transport agencies to improve impact measurement and its use in project evaluation.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Dani Shefer & Haim Aviram, 2005. "Incorporating Agglomeration Economies In Cost-Benefit Analysis Of Transport Projects," ERSA conference papers ersa05p133, European Regional Science Association.
- Glen Weisbrod, 2008. "Models to predict the economic development impact of transportation projects: historical experience and new applications," The Annals of Regional Science, Springer, vol. 42(3), pages 519-543, September.
- Daniel J. Graham, 2007. "Agglomeration, Productivity and Transport Investment," Journal of Transport Economics and Policy, London School of Economics and University of Bath, vol. 41(3), pages 317-343, September.
When requesting a correction, please mention this item's handle: RePEc:eee:epplan:v:32:y:2009:i:4:p:332-341. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.