Cost-Benefit Analysis for Transport Projects in an Agglomeration Economy
Journal of Transport Economics and Policy, 2015, vol. 49, issue 3, 454-474
The progress of the new economic geography has elucidated the microfoundations of agglomeration. However, the best way of dealing with the effect of agglomeration in a cost-benefit analysis for individual transport projects is still uncertain. The purpose of this paper is to clarify how conventional cost-benefit analysis can incorporate the effect of agglomeration in models with the features of the new economic geography. We illustrate the departures from conventional cost-benefit analysis by decomposing the overall effects of transport investments into various forms, and we consider how to apply the results in practice. © 2015 LSE and the University of Bath
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