This paper offers a stylized model in which an agency is in charge of investing in road capacity and maintain it but cannot use the capital market so that the only sources of funds are the toll revenues. We call this the strict self-financing constraint in opposition to the traditional self...

This paper is concerned with the issue of how to introduce monetary valuation into public decision-making. This issue is closely related to introducing rational procedures into public decision-making (Pearce, 2001). All public decision-making involves choice. To economists, rational choice means...

This paper looks for the optimal location of new forests in a suburban area under area constraints. The GIS-based methodology takes into account timber, hunting, carbon sequestration, non-use and recreation benefits and opportunity costs of converting agricultural land, as well as planting and...

This paper deals with costs-benefit analysis of investment in transport infrastructure. Its contribution is twofold. Firstly, we develop a general equilibrium model to explore the impact of a small budgetary-neutral investment in transport infrastructure in a second-best setting, where other...

This paper looks at the optimal location of new forests in a suburban region under area constraints. The GIS-based methodology takes into account use benefits such as timber, hunting, carbon sequestration and recreation, non-use benefits (both bequest and existence values), opportunity costs of...

In this paper we show how cost-benefit analysis can be used as a decision support mechanism for the location of new (urban) forest land, starting from the multifunctional role of these new forests. We start with a simple presentation of the cost-benefit analysis (CBA) technique. Key features of...