Quantifying the Socio-economic Benefits of Transport
This report sets out several of the recent advances to the quantification and valuation of economic benefits of transport and points to the most promising approaches. The sophistication of modern supply chains and the growing prominence of the services sector have increased the interest of decision-makers in economic benefits beyond those traditionally captured in transport appraisal. Recent advances in assessment methodologies, and their application in decision-making procedures, make it useful to review the state of the art in two areas in particular: reliability benefits and wider economic benefits that flow from transport-related development.
- Cost-benefit analysis (CBA) guidelines can be expanded to include reliability and some wider impacts.
- Further research into reliability benefits is needed to improve confidence in results.
- Wider economic impacts should be examined in cases where they are expected to be significant.
- Further research into the impacts and tools for capturing wider impacts is needed.
- Cost-benefit analysis (CBA) can play an important role in decision making, but need not dominate.