Moving from Evaluation to Valuation: Improving project appraisals by monetising more social and environmental impacts

Infrastructure Victoria

No 201602, Policy papers from Infrastructure Victoria

Abstract: This paper outlines the limitations in the current Australian approach to evaluating infrastructure projects, programs and policies. It considers how Cost-Benefit Analysis in social housing, criminal justice, health and transport sectors could be further developed or strengthened by improving the valuation of non-market impacts. For each of these four sectors, we suggest impacts that could be considered. We argue using the benefit transfer method (where proxies from other jurisdictions or studies to measure impact) is our preferred approach as a first step to extending and improving the use of Cost-Benefit Analysis in non-transport sectors. We present different methods, data sources and evaluation instruments that can be used to ascribe monetary values to more economic, social, and environmental impacts. Finally, we report a set of parameter values that are currently used in other Australian states and internationally that could be adopted for use in Victoria.

Keywords: Cost-Benefit Analysis; Infrastructure; Project Appraisal; Project Evaluation; Health; Criminal Justice; Social Housing; Transport (search for similar items in EconPapers)
JEL-codes: D61 H43 H75 I18 K00 R00 R42 (search for similar items in EconPapers)
Date: 2016-11-02
New Economics Papers: this item is included in nep-env and nep-tre
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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