Leeds University Library

TRAN5631M
Module Reading List

Economic Appraisal and Economic Performance, 2017/18, Semester 2
Dr John Nellthorp
j.nellthorp@its.leeds.ac.uk
Tutor information is taken from the Module Catalogue

TRAN5631 Economic Appraisal and Economic Performance

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Reading List

The two initial readings for this module are:

Nellthorp J (2017), ‘The principles behind transport appraisal’ – forthcoming book chapter, 39pp. – already circulated in hard copy.

Venables AJ, Laird JJ and Overman H (2014), Transport Investment and Economic Performance: Implications for project appraisal. Report to Department for Transport. Online

The first of these covers Lectures 1-4 in particular, and serves as the general background and foundation for the module. The second addresses ‘wider economic impacts’ including regional economic growth, agglomeration/productivity effects and labour market impacts (Lectures 5,6,9&10 in particular). We will refer back to both of these throughout the module.

 

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1. Economic Foundations of Appraisal and Evaluation

Nellthorp J (2017), ‘The principles behind transport appraisal’ – forthcoming book chapter, 39pp.

UK appraisal guidance – all sectors

HM Treasury (2011), The Green Book: Appraisal and Evaluation in Central Government. London: TSO. Online

· covers (in particular): discounting; distributional weights; the project cycle.

UK appraisal guidance – transport

Department for Transport (DfT) (2016), Transport Analysis Guidance: WebTAG Online

· comprehensive guidance; see Units in the series A1 to A5 in particular; many leading modules, e.g. A1.1/2/3 on cost-benefit analysis, the consultation documents in A2 (Online) on wider economic impacts, A5.1 on active mode appraisal, and A5.4 on marginal external costs.

International guidance and international comparisons

Nellthorp J (2017), op cit, p1, gives references to key World Bank, EU, European Investment Bank and Asian Development Bank appraisal methods.

Mackie PJ and Worsley T (2013), International Comparisons of Transport Appraisal Practice – Overview Report. Leeds: ITS. Online

Ex post evaluation

Nellthorp J (2017), op cit, §11.3.1.

Kelly CE, Laird JJ, Costantini S, Richards P, Carbajo J and Nellthorp J (2015). 'Ex post appraisal: What lessons can be learnt from EU cohesion funded transport projects?', Transport policy., 37, 83–91.

Full report on which the above article is based – contains 10 case studies:

Frontier Economics, Atkins and ITS (2011), Ex post evaluation of cohesion policy interventions 2000-2006 financed by the Cohesion Fund – Work Package B: Cost-benefit analysis of selected transport projects, Final Report, 20th June 2011. London: Frontier Economics. Online

Flyvbjerg B, Skamris Holm MK and Buhl SL (2004). 'What Causes Cost Overrun in Transport Infrastructure Projects?', Transport reviews., 24(1), 3–18.

Flyvbjerg B, Skamris Holm MK and Buhl SL (2005). 'How (In)accurate Are Demand Forecasts in Public Works Projects? The Case of Transportation', Journal of the American Planning Association., 71(2), 131-146.

DfT (2014), WebTAG, op cit, Unit A1.2 Scheme costs. Online - see Optimism Bias Adjustments.

User benefits in a network – consumer surplus and logsums

Nellthorp J (2017), op cit, p9-11 gives an overview.

The extension of the user benefit measure to networks was developed by:

Lane R, Powell TJ and Prestwood Smith P (1971), Analytical transport planning. New York: Wiley.

A more recent and wider exploration of network effects is given by:

Laird JJ, Nellthorp J and Mackie PJ (2005). 'Network effects and total economic impact in transport appraisal'. Transport policy., 12(6), 537-544.

The rule-of-a-half may be inaccurate for large changes in generalised cost or demand, and may need additional work for new modes (but these are not the only challenges faced by the rule-of-a-half, see below):

Nellthorp J and Hyman G (2001), 'Alternatives to the Rule of a Half in Matrix Based Appraisal', Proceedings of the European Transport Conference, Homerton College, Cambridge, 10-12 September 2001. http://abstracts.aetransport.org/paper/index/id/1225/confid/7

Logsum measures of benefits provide an alternative to the rule-of-a half:

Geurs KT, Krizek KJ and Reggiani A (2012). Accessibility analysis and transport planning : challenges for Europe and North America. Cheltenham: Edward Elgar. London: TSO.

Geurs K, Zondag B, de Jong G and de Bok M (2010). ‘Accessibility Appraisal of Land-Use /Transport Policy Strategies: More than just Adding up Travel-Time Savings’, Transportation research. Part D, Transport and environment.  382-393.

De Jong GC, Daly AJ, Pieters M and van der Hoorn AIJM (2007). 'The logsum as an evaluation measure: review of the literature and new results'.Transportation research. Part A, Policy and practice.  41(9), 874-889.

Reasons to use the consumer’s surplus (rather than Equivalent Variation or Compensating Variation):

Willing RD (1976), ‘Consumer’s surplus without apology’, American economic review., 66(4), 589-597.

A general (and original) oracle on appraisal in multi-modal transport networks:

Jones IS (1977). Urban transport appraisal. London: Macmillan.

Unit of account – market prices or factor cost?

Nellthorp J (2017), op cit, p22 gives an overview.

The formulae for user benefits in TUBA software and transport appraisal generally are in:

DfT (2016), WebTAG, op cit, Unit A1.1 Appendix B Online and Unit A1.3, Appendix A. Online

In-depth derivation of these formulae:

Sugden R (1999). Developing a consistent cost-benefit framework for multi-modal transport appraisal, A report for the Department of the Environment, Transport and the Regions. Norwich: University of East Anglia. http://dclg.ptfs-europe.com/AWData/Library1/Departmental%20Publications/Department%20of%20the%20Environment,%20Transport%20and%20the%20Regions/1999/Comapp%20812.pdf

Sugden R (1999). Treatment of taxation in multi-modal cost benefit analysis. Norwich: University of East Anglia.

Another perspective on market prices and factor cost:

Nellthorp J, Sansom T, Bickel P, Doll C and Lindberg G (2001), Valuation Conventions for UNITE, UNITE (UNIfication of accounts and marginal costs for Transport Efficiency) Project Funded by EC 5th Framework RTD Programme. ITS, University of Leeds, Leeds, April 2001. – see Section 3 and Annex IV. Online

Discounting and treatment of the future

Nellthorp J (2017), op cit, §11.3.3.

Derivation of social discount rates:

Evans DJ and Sezer H (2005), ‘Social discount rates for member countries of the European Union’, The journal of economic studies., 32(1), 47-59.

HM Treasury (2011), op cit, Annex 6. Online

See also Lecture 11 – debate over the Stern Review.

Cost benefit analysis metrics (NPV, BCR and IRR)

Nellthorp J (2017), op cit, §11.3.4.

DfT (2016), WebTAG, op cit, Unit A1.1, p7-12 Online

For IRR (not used in transport appraisal in the UK, but widely used internationally):

The World Bank (2005), When to use NPV, IRR and Modified IRR, Economic Evaluation Note TRN-6. Washington DC: The World Bank. Online

 

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2. Valuation Principles and Applications to Service Quality, Amenity, Safety and Health

Nellthorp J (2017), op cit, §11.3.2 and 11.4.

Dupuit AJE (1844). 'De la mesure de l’utilité des travaux publics', Annales des Ponts et Chausées, 2e série, vol.8, Translated as:

‘On the measurement of the utility of public works’, International economic papers., 2, p83-110.

Income as a driver of WTP and utility – distributional weights

HM Treasury (2011), op cit, Annex 5. Online

Layard R, Mayraz G and Nickell S (2008), 'The marginal utility of income'. Journal of public economics., 92(8–9), 1846–1857.

Internal (user) benefits – e.g. service quality:

These are part of generalised user cost.

Nellthorp J (2017), op cit, p8-9 and p21-26.

DfT (2016), WebTAG Unit A1.3, p4-14. Online and DfT (2016) TAG Data Book, Tables A4.1.6,A4.1.7,M3.2.1 Online

State-of-the-art empirical compendium of service quality valuation on public transport:

OECD/ITF (2014), Valuing Convenience in Public Transport, ITF Round Table No. 156. Paris: OECD. Online

Older but extremely valuable compendium:

Balcombe R, Mackett R, Paulley N, Preston J, Shires J, Titheridge H, Wardman M and White P (2004), The demand for public transport, TRL Report 593. Crowthorne: TRL. Online

Other sources – for the rail industry and for London:

ATOC (2016), Passenger Demand Forecasting Handbook (by subscription)

Transport for London (2014), Business Case Development Manual. London: TfL. https://www.whatdotheyknow.com/request/197881/response/495035/attach/3/Business%20Case%20Development%20Manual%20May%202013%20Redacted.pdf

A critique of generalised cost:

Wardman MR (2008), ‘Is generalised cost justifed?’, Paper presented at the European Transport Conference, 2008.http://abstracts.aetransport.org/paper/download/id/3031.

‘Composite’ generalised cost:

Jansson JO (2013), The economics of services : microfoundations, development and policy, 2nd edition. Edward Elgar. (p57-61).

Externalities

General understanding of externalities and their valuation:

Nellthorp J (2017), op cit, §11.4, 11.4.2 for an overview.

Pearce DW and Turner RK (1990), Economics of natural resources and the environment. London: Harvester Wheatsheaf.

Fujiwara D and Campbell R (2011), Valuation Techniques for Social Cost-Benefit Analysis: Stated Preference, Revealed Preference and Subjective Well-Being Approaches - A Discussion of the Current Issues. London: HM Treasury and DWP. Online

Valuation of transport noise using hedonic pricing (HP):

Bateman I, Day B and Lake I (2004), The valuation of transport-related noise in Birmingham. Technical Report to the Department for Transport. http://webarchive.nationalarchives.gov.uk/20100203095144/http://dft.gov.uk/pgr/economics/rdg/birmingham/aluationoftransportrelat3051.pdf

Nellthorp J, Bristow AL and Day B (2007). ‘Introducing Willingness-to-pay for Noise Changes into Transport Appraisal: An Application of Benefit Transfer’,Transport reviews., 27, 327-353.

Nellthorp J (2010). 'UK experience of implementing noise values in transport appraisal, 3 years on'. Proceedings of the Internoise 2010 Conference, p6021-30.

Valuation of local environmental quality using stated preference (SP):

Wardman MR, Bristow AL, Shires JD, Chintakayala PK and Nellthorp J (2011), Estimating the Value of a Range of Local Environmental Impacts, Report to Defra. Leeds: ITS.http://randd.defra.gov.uk/Document.aspx?Document=9854_LEQFinal.pdf.

Defra (2013), Local Environmental Quality: Valuing the neighbourhood in which we live. London: Defra. Online

Bristow AL, Wardman MR, Shires JD, Chintakayala PK and Nellthorp J (2012), ‘A stated preference experiment to value access to quiet areas and other local environmental factors’. Societe Francaise d'Acoustique. Acoustics 2012, Apr 2012, Nantes, France. Online

Valuation of heritage at Stonehenge (A303 road tunnel) using contingent valuation (CVM):

Maddison D and Mourato S (2001), “Valuing different road options for Stonehenge”, Conservation and Management of Archaeological Sites, 4(4), 203-212. Online

Valuation of health impacts of active travel using dose-response methods:

Kahlmeier S, Kelly P, Foster C, Götschi T, Cavill N, Dinsdale H, Woodcock J, Schweizer C, Rutter H, Lieb C, Oja P and Racioppi F (2014). Health economic assessment tools (HEAT) for walking and for cycling. Methodology and user guide. Economic assessment of transport infrastructure and policies. 2014 Update. Copenhagen: World Health Organisation. Online

DfT (2014), TAG unit A5.1 Active Mode Appraisal. Online.

Davis A (2014). Claiming the Health Dividend: A summary and discussion of value for money estimates from studies of investment in walking and cycling. Report to the Department for Transport. London: DfT. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/371096/claiming_the_health_dividend.pdf.

Valuation of safety improvements based on willingness-to-pay:

DfT (2013), A valuation of road accidents and casualties in Great Britain: Methodology note. Online

DfT (2014), TAG Unit A4.1 Social Impact Appraisal, Section 2 Accident Impacts, and References (p34). Online

Jones-Lee MW (1990), ‘The value of transport safety’, Oxford review of economic policy., 6(2), 39-60.

Jones-Lee MW (1994), 'Safety and the saving of life: the economics of safety and physical risk'. In: Layard and Glaister, Cost-benefit analysis, 2nd edition. Cambridge, UK: Cambridge University Press.

Elvik R (2007). Prospects for improving road safety in Norway, TØI Report 897/2007. Oslo: TØI.https://www.toi.no/getfile.php?mmfileid=9040

Carsten OM and Tate FN (2005). 'Intelligent speed adaptation: accident savings and cost-benefit analysis'. Accident Analysis and Prevevention, 37(3):407-16. http://eprints.whiterose.ac.uk/2008/2/ITS6_Intelligent_Speed_Adaption_UPLOADABLE.pdf

Ricardo-AEA (2014). Update of the Handbook on External Costs of Transport. Report for the European Commission DG MOVE. London: Ricardo AEA. Online. Chapter 3, especially §3.1.2.2 on degree of risk internalisation (accident costs are partly internal and partly external – the proportion varies by mode). http://ec.europa.eu/transport/sites/transport/files/themes/sustainable/studies/doc/2014-handbook-external-costs-transport.pdf

 

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3. Evaluation of Infrastructure

Nellthorp J (2017), op cit, §11.5 – an overview.

In fact, the chapter as a whole addresses the appraisal and evaluation of infrastructure. So does the WebTAG guidance (DfT, 2016).

Examples – HS2, Crossrail, A45 South Bridge Replacement, Walking and Cycling example:

Department for Transport (2014), HS2 Outline Business Case: Economic Case. London: DfT. Online

Department for Transport (2015), HS2 West Midlands to Crewe Strategic Outline Business Case Economic Case. London: DfT. Online

Crossrail Ltd (2011), Crossrail Business Case Update: Summary Report, July 2011. Online here and more generally here

DfT (2011), A45 South Bridge Replacement. London: DfT. http://s3.amazonaws.com/zanran_storage/www.solihull.gov.uk/ContentPages/2533574921.pdf

DfT (2014), TAG unit A5.1 Active Mode Appraisal, Appendix B Example Walking and Cycling Case Study. Online

 

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4. Value of Time; Option and Non-Use Values

Value of Time

Abrantes and Wardman (2011) Meta-analysis of UK values of travel time: an update. Transportation research. Part A, Policy and practice., 45, pp1-17.

Hensher, D.A. (2011) Valuation of travel time savings. In (Eds) de Palma et al. (2011) A handbook of transport economics. Chapter 7. Cheltenham: Edward Elgar.

Mackie, P.J., Jara-Diaz, S.R. and Fowkes, A. (2001) The value of travel time savings in evaluation. Transportation research. Part E, Logistics and transportation review., 37(2), pp91-106.

Wardman et al. (2015) How should business travel time savings be valued? Economics of transportation, 4(4),pp200-214.

Option and Non-Use Values

See Chapters 7, 8 & 9 in Boardman et al (2011) Cost-benefit analysis : concepts and practice. Fourth edition. Prentice Hall.

Laird JJ, Geurs K and Nash CA (2009), ‘Option and non-use values and rail appraisal’. Transport policy., 16, 173-182.

 

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5. Regional growth theories

Chapters 2 & 3 in Rietveld and Bruinsma (1998). Is transport infrastructure effective? : transport infrastructure and accessibility : impacts on the space economy. London : Springer.

Lafourcade, M. & Thisse, J-F (2011) New economic geography: the role of transport costs. In de Palma et al. (2011) A handbook of transport economics, Chapter 4, 67-96.

Lakshmanan, T.R. (2011). The broader economic consequences of transport infrastructure investments. Journal of transport geography., 19(1), 1-12.

 

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6. Ex Post evidence

Output

Lakshamanan (2011), The broader economic consequences of transport infrastructure investments, Journal of transport geography. 19 (2011), 1-12.

Melo, P.C., Graham D.J., and Brage-Ardao, R., (2013) The productivity of transport infrastructure investment: A meta-analysis of empirical evidence, Regional science & urban economics. 43 (2013) 695–706

Straub, S., (2011) Infrastructure and Development: A Critical Appraisal of the Macro-level Literature, The journal of development studies., 47:5, 683-708

Productivity

Mackie, P.J., Graham, D.J., and Laird, J.J., (2011) The Direct and Wider Impacts of Transport Projects - a Review in R. Vickerman and E. Quinet

A handbook of transport economics.

Melo, P.C., Graham, D.J.and Noland, R.B., 2009, A meta-analysis of estimates of urban agglomeration economies, Regional science & urban economics. 39 (2009) 332–342

Ciccone, A. & Hall, R. E. (1996) Productivity and the density of economic activity, American economic review., 86, 54–70.

What Works

What Works Centre for Local Economic Growth (2015), Evidence Review 7: Transport, July 2015, http://www.whatworksgrowth.org/public/files/Policy_Reviews/15-07-01-Transport-Review.pdf

Gibbons, S., Lyytikäinen, T., Overman, H., and Sanchis-Guarner, R., (2012), New road infrastructure: the effects on firms, SERC discussion paper 117 http://www.spatialeconomics.ac.uk/textonly/serc/publications/download/sercdp0117.pdf

Ahfleldt, G.M. and Fedderson, A. (2010), From periphery to core: economic adjustments to high speed rail. Documents de treball IEB, (38), 1.http://www.ieb.ub.edu/aplicacio/fitxers/WS10Ahlfeldt.pdf

 

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8. Evaluation of Urban Realm and Renewal; Value Capture and Financing Investments

Evaluation of Urban Realm and Renewal

Nellthorp J, Chintakayala P and Wardman MR (2011), 'Valuation of townscape improvements using a two-level stated preference and priority ranking approach', Paper presented at the International Choice Modelling Conference, 4-6 July 2011, Oulton Hall. http://www.icmconference.org.uk/index.php/icmc/ICMC2011/paper/viewFile/342/171

Atkins and ITS (2011), Valuation of Townscapes and Pedestrianisation, Final Report to DfT. London: Atkins.https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/89395/pedestrianisation-townscape-research-report.pdf

Sheldon R, Heywood C, Buchanan P, Ubaka D and Horrell C (2007), ‘Valuing urban realm – business cases for open spaces’. Paper presented at the European Transport Conference, 17-19 October, Leiden. http://abstracts.aetransport.org/paper/download/id/2781.

Sheldon R, Orr S, Buchanan P, Dosad C, Ubaka D (2010), ‘Incorporating health and social benefits with user benefits in the valuation of urban realm improvements’. Paper presented at the European Transport Conference, Glasgow, 2010. http://abstracts.aetransport.org/paper/download/id/3502.

CABE (2005), Paved with gold: the real value of good street design. London: CABE. Online

Cortright J (2009), Walking the Walk: How Walkability Raises Housing Values in U.S. Cities, Washington, DC: CEOs for Cities. Online

Department for Communities and Local Government (DCLG) (2016), The DCLG Appraisal Guide. London: DCLG. Online

DfT (2016), TAG unit A2-3 Transport appraisal in the context of dependent development, July 2016. Online

Value Capture and Financing Investments

National Audit Office (2014). Report by the Comptroller and Auditor General: Crossrail, HC965. London: TSO.https://www.nao.org.uk/wp-content/uploads/2014/01/Crossrail.pdf

Dix M (2016), ‘Planning for the Future – Crossrail 2’. Presentation at Leeds University, 17 February 2016 by Michele Dix, Managing Director, Crossrsil 2. Online

Smith JJ and Gihring TA with Litman T (2015), Financing Transit Systems Through Value Capture: An Annotated Bibliography. Victoria Transport Policy Institute.http://www.vtpi.org/smith.pdf

Suzuki H, Murakami J, Hong Y-H and Tamayose B (2015), Financing Transit-Oriented Development with Land Values: Adapting Land Value Capture in Developing Countries. Urban Development Series. Washington, DC: World Bank. https://www.jointokyo.org/files/cms/news/pdf/Financing_TOD_with_Land_Values.pdf

Salon D and Shewmake S (2010), Opportunities for value capture to fund public transport: A comprehensive review of the literature with a focus on East Asia. Manila: ADB. Online

 

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9. Valuing Economy Impacts in a CBA (Part 1)

See Chapter 5 in Boardman et al (2011) Cost-benefit analysis : concepts and practice. Fourth edition. Prentice Hall.

Koopmans & Oosterhaven (2011) SCGE modelling in cost-benefit analysis: The Dutch experience. Research in transportation economics. Volume 31, Issue 1, 2011, Pages 29–36

Mackie, P., Graham, D., & Laird, J. (2011). The direct and wider impacts of transport projects–a review. A handbook of transport economics, Edward Elgar, Cheltenham, UK Chapter 21, 501-526.

Venables, Laird and Overman (2014) Transport Investment and Economic Performance. Implications for project appraisal. Report to Department for Transport. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/386126/TIEP_Report.pdf

UK guidance:

DfT (2005), Transport, Wider Economic Benefits and Impacts on GDP Online

DfT (2016) WebTAG: TAG Unit A2 wider impacts Online

US Guidance:

Weisbrod et al. (2014) Assessing Productivity Impacts of Transportation Investments. NCHRP report 786. Washington: Transportation Research Board. Online

 

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10. Valuing Economy Impacts in a CBA (Part 2); Modelling Economic Impacts

Valuing Economy Impacts in a CBA (Part 2)

Laird JJ, Nash CA and Mackie PJ (2014) Transformational transport infrastructure: cost benefit analysis challenges. The town planning review. 85(6) pp709-730. http://dx.doi.org/10.3828/tpr.2014.43

Laird JJ and Venables AJ (2016) Transport investment and economic performance: a framework for project appraisal.Nectar Cluster 1 – Networks: The Wider Economic & Social Impacts of Transport Networks, NECTAR C1: workshop, 19-20 May 2016, Molde, Norway http://www.nectar-eu.eu/wp-content/uploads/2015/12/CfP-Thw-wider-Economic-and-Social-impacts-of-Transport-Networks-NECTAR-C1-Molde-May16.pdf

Weisbrod G (2011) Incorporating Economic Impact Metrics in Transportation Project Ranking and Selection Processes. Transportation Research Board Conference, 2011.http://www.edrgroup.com/pdf/Weisbrod-TRB-Ranking-Jan2011.pdf

Modelling Economic Impacts

Input-output models:

Oosterhaven & Hewings (2014) Inter-regional Input-Output Models. In: Fischer & Nijkamp (eds) Handbook of Regional Science. Chapter 45 pp875- 901. London: Springer. https://www.researchgate.net/publication/264541820_Interregional_Input-Output_Models

Land Use Transport Interaction Models:

Wegener (2014) Land Use Transport Interaction Models. In: Fischer & Nijkamp (eds) Handbook of Regional Science. Chapter 39 pp741- 758. London: Springer. http://link.springer.com/referenceworkentry/10.1007%2F978-3-642-23430-9_41#page-1

Simmonds and Feldman (2011) Alternative approaches to spatial modelling. Research in Transportation Economics Volume 31, Issue 1, 2011, Pages 2–11 http://dx.doi.org/10.1016/j.retrec.2010.11.002

Spatial Computable General Equilibrium Models:

Brocker and Mercenier (2011) General Equilibrium Models for Transportation Economics. In: de Palma et al. (eds) A A handbook of transport economics. Chapter 2 pp21-45. Cheltenham: Edward Elgar.

Tavasszy, Thiss & Oosterhaven (2011) Challenges in the application of spatial computable general equilibrium models for transport appraisal.Research in transportation economics. Volume 31, Issue 1, 2011, Pages 12–18

Knaap & Oosterhaven (2011) Measuring the welfare effects of infrastructure: A simple spatial equilibrium evaluation of Dutch railway proposals.Research in transportation economics. Volume 31, Issue 1, 2011, Pages 19–28

 

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11. Evaluation of Policy

1) Road pricing:

Matthews B and Nellthorp J (2012), ‘National Road User Charging: Theory and Implementation’. In: Zacharides (ed) Cars and carbon : automobiles and European climate policy in a global context - Automobiles and European Climate Policy in a Global Context. Chapter 13 pp295-323. Netherlands: Springer.

Nash CA (2007). 'Developments in transport policy - Road pricing in Britain', Journal of transport economics and policy., 41, 135-147.

Walker J (2011), The Acceptability of Road Pricing. London: RAC Foundation. Online

Hensher DA and Li Z (2013), ‘Referendum voting in road pricing reform: A review of the evidence’, Transport policy., 25, 186–197.

2) Climate change targets and the Climate Change Act 2008. The economic policy analysis at the centre of the controversy:

Stern N (2006), Stern Review on the Economics of Climate Change. London: TSO. Online. See in particular: Chapter 2 Technical Annex: Ethical Frameworks and Intertemporal Equity.

The critiques:

Nordhaus WD (2007), ‘A review of the Stern Review on the Economics of Climate Change’, Journal of Economic Literature, Vol. XLV (September), 686–702. Online

Dasgupta P (2006), Comments on the Stern Review's Economics of Climate Change, National Institute Economic Review, No.199, 4-7. Online or here.

Stern’s response 10 years on:

Stern N and Dietz S (2016). ‘Growth and Sustainability: 10 years on from the Stern Review’, Grantham Research Institute on Climate Change and the Environment public lecture, 27 Oct 2016. Online (see p26).

3) Deployment of ‘eco-driving’ systems across the European road vehicle fleet:

Jonkers E, Wilmink I, Nellthorp J, Guehnemann A and Olstam J (2016). D54.1: Costs and benefits of green driving support systems. ecoDriver project (www.ecodriver-project.eu). http://www.transportportal.se/energieffektivitet/etapp2/D54-1Costs-and-benefits-of-green-driving-support-systemsresubmitted-May-2016.pdf

4) Policy measures to reduce rail noise from the EU-wide freight wagon fleet:

CEC (2008), Rail noise abatement measures addressing the existing fleet, Impact Assessment report, COM(2008) 432 final. Online

5) Energy policy – using ‘levelised cost’ (life-cycle cost/unit) analysis to identify the most efficient electricity generation technologies in which to invest, in specific future years:

Department for Business, Energy and Insustrial Strategy (BEIS) (2016), Electricity Generation Costs. London: BEIS. Online

US Energy Information Administration (2016), Levelized Cost and Levelized Avoided Cost of New Generation Resources in the Annual Energy Outlook 2016. Washington DC: US EIA. Online

To see the effect of energy policy on the electricity generation mix, Charts 5.1.2 and 6.1.2 in:

Department for Business, Energy and Insustrial Strategy (BEIS) (2016), Digest of United Kingdom Energy Statistics (DUKES) 2016: long-term trends. London: BEIS. Online

6) Evaluation of healthcare interventions. A survey of the state of the art:

Gray AM and Wilkinson T (2016), ‘Economic evaluation of healthcare interventions: old and new directions’, Oxford review of economic policy., 32(1), 102-121.

This list was last updated on 21/02/2017