Project Appraisal and Long Term Strategic Vision

David Meunier (), Alain Quinet () and Emile Quinet
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David Meunier: LVMT - Laboratoire Ville, Mobilité, Transport - IFSTTAR - Institut Français des Sciences et Technologies des Transports, de l'Aménagement et des Réseaux - UPEM - Université Paris-Est Marne-la-Vallée - ENPC - École nationale des ponts et chaussées
Alain Quinet: Sciences Po - Sciences Po
Emile Quinet: PSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement

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Abstract: France is reviewing its long-lived socio-economic appraisal of infrastructure projects, and recently a Commission has issued a report on this subject. After a rapid view of its conclusions we focus on some specific points more closely related to the present situation, marked by risk and possible changes in the rate and structure of economic growth, mainly due to environmental and energy constraints. The use of low discount rates together with growing uncertainties on future economic growth and climate change outcomes and counter-measures eagerly calls for research on long term issues. It becomes necessary to define a consistent, long term, strategic vision as an appropriate input for correct project appraisal, based on a set of scenarios. We discuss and illustrate concretely the changes that would be induced in investment choice procedures and CBA practice.

Keywords: climate change; carbon price; uncertainty; long term scenarios; cost-benefit analysis; risk; Project appraisal (search for similar items in EconPapers)
Date: 2014-03
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Published in Transportation Research Procedia, 2014, 1 (1), pp.67-76. ⟨10.1016/j.trpro.2014.07.008⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01109435

DOI: 10.1016/j.trpro.2014.07.008

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