Abstract: This chapter describes how the approval for the funding of any public transport or highway scheme normally requires that the benefits of the scheme exceed its cost. The appraisal of such projects usually entails the undertaking of a cost-benefit analysis (CBA), based upon the expected costs and benefits of the scheme. The objective of a CBA is to inform decision-making; and also to maximize the welfare of society by selecting transport schemes where benefits are maximized relative to costs. In project appraisal, no method other than CBA has such a sound theoretical economic base and widespread application.
Publication Year: 2005
Publication Date: 2005-06-21
Language: en
Type: book-chapter
Indexed In: ['crossref']
Access and Citation
Cited By Count: 2
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