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Projecting the socio-economic impact of a big science center: the world’s largest particle accelerator at CERN

Author

Listed:
  • Andrea Bastianin
  • Chiara F. Del Bo
  • Massimo Florio
  • Francesco Giffoni

Abstract

Public investment in Big Science generates social benefits that can ultimately support economic growth. This paper implements a model for the social Cost – Benefit Analysis (CBA) of Big Science and relies on Monte Carlo methods to quantify the uncertainty of long-term projections. We evaluate social costs and benefits of the High Luminosity upgrade of the Large Hadron Collider (HL-LHC) at CERN up to 2038. Monte Carlo simulations show that there is a 94% chance to observe a positive net present value for society. The attractiveness of CERN for Early Stage Researchers and technological spillovers for collaborating firms are key for a positive CBA result. Cultural effects, especially those related to onsite visitors, also contribute to generating societal benefits.

Suggested Citation

  • Andrea Bastianin & Chiara F. Del Bo & Massimo Florio & Francesco Giffoni, 2023. "Projecting the socio-economic impact of a big science center: the world’s largest particle accelerator at CERN," Applied Economics, Taylor & Francis Journals, vol. 55(49), pages 5768-5789, October.
    • Handle: RePEc:taf:applec:v:55:y:2023:i:49:p:5768-5789
    DOI: 10.1080/00036846.2022.2140763
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