Multi-Dimensional Cost-Effectiveness Analysis for Prioritizing Railway Station Investments: A General Framework with an Application to the Italian Case Study

Pierluigi Coppola, Diego Deponte, Alessandro Vacca, Federico Messa and Fulvio Silvestri
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Pierluigi Coppola: Department of Mechanical Engineering, Politecnico di Milano, Via G. La Masa 1, 20156 Milan, Italy
Diego Deponte: Systematica SRL, Via Lovanio 8, 20121 Milan, Italy
Alessandro Vacca: Systematica SRL, Via Lovanio 8, 20121 Milan, Italy
Federico Messa: Systematica SRL, Via Lovanio 8, 20121 Milan, Italy
Fulvio Silvestri: Department of Enterprise Engineering, Università di Roma Tor Vergata, Via del Politecnico 1, 00133 Rome, Italy

Sustainability, 2022, vol. 14, issue 9, 1-18

Abstract: In recent years, several authors have highlighted the merits of the Cost-Effectiveness Analysis (CEA), e.g., compared to Cost-Benefits Analysis (CBA), particularly for small projects appraisal (e.g., revamping or extraordinary maintenance interventions) and when the impacts of the project are difficult to value or quantify in monetary terms. CEA is a quite consolidated technique, typically applied in practice when one specific impact prevails over the others. This research extends the concept of CEA to a multi-dimensional decision-making context, outlining a methodological framework that includes several criteria to assess the impacts of railway station revamping in urban contexts. The proposed method has already been applied for the project appraisals of five railway stations in Italy; this paper presents the application to a case study representing the typical configuration of a medium-sized Italian railway station. Results have shown that the proposed approach is a valid tool for both designers and infrastructure managers for prioritizing railway station investments in the presence of multiple strategic objectives that also conflict with each other. A multi-dimensional CEA can provide, in a communicative, lean, and effective way, the information on investment costs and the impacts that different policies, layouts, and technological solutions would have, creating the basis for a more transparent debate on resource allocation priorities. Finally, results have shown that the CEA is not only a method for project assessment, but also a tool for improving and directing the design towards the identification of interventions that allow the achievement of the key objectives set ex ante.

Keywords: station revamping; infrastructure; urban accessibility; safety and security; architectural quality; environmental sustainability; social inclusion (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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