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Reading List for Transport & Railway Investment Appraisal

Transport Investment Appraisal, 2021/22, Semester 2
John Nellthorp
Tutor information is taken from the Module Catalogue

The Green Book 

HM Treasury (2020), The Green Book: appraisal and evaluation in central government. London: TSO

Transport Appraisal Guidance: TAG

DfT (2020), Transport Analysis Guidance (TAG):

including TAG Data Book (July 2020 version):

Core text-books / Principles of appraisal

Nellthorp J (2017) ‘The principles behind transport appraisal’, Chapter 12 in the Routledge Handbook of Transport Economics, pp.176-208. (PDF copy available on Minerva via Learning Resources).  

De Rus, G. (2010). Introduction to cost-benefit analysis: looking for reasonable shortcuts. Edward Elgar Publishing.  

Mouter, N. (2020). Standard Transport Appraisal Methods. Academic Press.   

Transport appraisal in practice

Mackie, P., Worsley, T., & Eliasson, J. (2014). Transport appraisal revisited. Research in Transportation Economics47, 3-18.

Mackie, P. and Worsley, T. (2013). International Comparisons of Transport Appraisal Practice. Overview Report

Mackie, P. and Worsley, T. (2015). Transport Policy, Appraisal and Decision-Making. RAC Foundation

User Benefits: Value of time

Batley, R., Bates, J., Bliemer, M., Börjesson, M., Bourdon, J., Cabral, M. O., .. & Drivyla, E. (2019). New appraisal values of travel time saving and reliability in Great Britain. Transportation46(3), 583-621.

DfT (2015b), Understanding and Valuing Impacts of Transport Investment: Values of Travel Time Savings. London: DfT.

Mackie, P. Jara-Diaz, S. and Fowkes, A.S. (2001). The value of travel time savings in evaluation. Transportation Research Part E, 37, pp.91-106

Borjesson, M. and Eliasson, J. (2014). Experiences from the Swedish Value of Time study. Transportation Research Part A, 59, pp.144-158

User Benefits: other valuation evidence

Wardman, M. (2014). Valuing Convenience in Public Transport: Roundtable Summary and Conclusions

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

Costs of transport infrastructure 

Flyvbjerg B, Holm MKS and Buhl SL (2003), ‘How common and how large are cost overruns in transport infrastructure projects?’, Transport Reviews, 23(1), 71-88

Flyvbjerg, B., Skamris Holm, M. K., & Buhl, S. L. (2004). What causes cost overrun in transport infrastructure projects?. Transport reviews24(1), 3-18.

Wider Economic Impacts

Venables, A., Laird, J. J., & Overman, H. G. (2014). Transport investment and economic performance: Implications for project appraisal.

Discount rate

Freeman, Groom and Spackman (2018) “Social Discount Rates for Cost-Benefit Analysis: A Report for HM Treasury” published on the HMT Green Book web page  

High-Speed Rail (HSR)

Nash CA (2015), ‘When to invest in high speed rail’, Journal of Rail Transport Planning & Management, 5(1), 12–22.

Albalate, D., & Bel, G. (Eds.). (2016). Evaluating high-speed rail: Interdisciplinary perspectives. Taylor & Francis.   

Metz’s critique of transport appraisal

Metz, D. (2008). The myth of travel time saving. Transport reviews28(3), 321-336. (Available  also online via the Library Catalogue)

Mackie, P., Batley, R., & Worsley, T. (2018). Valuing transport investments based on travel time savings—a response to David Metz. Case Studies on Transport Policy6(4), 638-641.

Metz, D., 2017. Valuing transport investments based on travel time saving: Inconsistency with United Kingdom policy objectives. Case Studies on Transport Policy, 5(4), pp.716-721.

Metz, D.A. 2004. Travel time – variable or constant? Journal of Transport Economics and Policy, 38(3), pp333-344

Metz, D., 2010. Saturation of demand for daily travel. Transport Reviews, 30(5), pp.659-674.

Examples of projects appraisal:


National Audit Office (2019). Completing Crossrail.

National Audit Office (2014) Crossrail, London

Worsley, T. (2011) The Evolution of London’s Crossrail Scheme and the Development of the Department for Transport’s Economic Appraisal. Discussion Paper 27, ITF, Paris


Oakervee (2020), Oakervee Review. London: DfT

Department for Transport (2020). Full Business Case High Speed 2 Phase One

HS2 Ltd (2017), High Speed Two Phase Two: Economic case advice for the Department for Transport.

DfT (2015a), HS2 West Midlands to Crewe Strategic Outline Business Case Economic Case. London: DfT.

NAO (2012), The completion and sale of High Speed 1. Report by the Comptroller and Auditor General, HC1834, 28 March 2012.

House of Lords Select Committee on Economic Affairs (2015), The Economics of High Speed 2. HL Paper 134. London: TSO.

East West Rail

DfT (2018). The case for East West Rail, Western Section Phase 2

Borders Railway 

Transport Scotland and Ernst & Young (2012). Borders Railway Final Business Case final version   

Road appraisal examples

Note: Literature and reports from road appraisal examples are provided in lectures

Beyond current appraisal practice

Consumer vs. Citizen paradigm

Mouter, N., Van Cranenburgh, S., & Van Wee, B. (2017). Do individuals have different preferences as consumer and citizen? The trade-off between travel time and safety. Transportation research part A: policy and practice106, 333-349.

Mouter, N., Koster, P., & Dekker, T. (2019). An Introduction to Participatory Value Evaluation

This list was last updated on 19/01/2022