Appraising Transformational Projects: The Case of the Grand Paris Express

摘要: A well-executed economic appraisal can demonstrate to the decision maker whether investment in a project represents good use of resources and inform approve scheme, postpone it or reject it. But micro-economic partial equilibrium foundations cost-benefit analysis are challenged by projects such as Grand Paris Express, scheme which is intended transform level development area will serve. There multiple challenges for modelling, forecasting appraisal. These include definition counterfactual do-nothing do-something-else case representation system population, employment income contingent upon not undertaken. Crucially, practical implications concepts benefits agglomeration have be unravelled predict behaviour sectors whose responses changes accessibility key determinants outcome project. The aim this report review conduct these challenging conditions.