This paper starts from the premise that the scope of the appraisal of transport projects should depend upon the presence (or absence) of various forms of market failure. It reviews the purposes and processes of transport appraisal before setting out a typology of market failures. Then it...

This paper gives an overview of some issues related to market valuation, focusing on the developments on the New York equity markets. The 42.4 p.c. fall in the S&P 500 price index between 24 March 2000 - when it reached its all-time high - and 31 December 2002 is situated in a very long term...