infrastructure investment that reduces transaction costs and thereby intensifies product market competition. The framework applies … both to physical and institutional infrastructure. We show that infrastructure generates welfare gains by improving the … transition impacts of infrastructure. …

This paper develops a framework for evaluating the social returns to infrastructure investments that intensify product …, where unit transport cost measures the intensity of competition (quality of infrastructure). The static and dynamic welfare … effects of infrastructure investment that lowers unit transport cost are analysed, focusing on market selection among …