Comparing the output of cost benefit and multi-criteria analysis: An application to urban transport investments |
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| Affiliation: | 1. Bartlett School of Planning, University College London, UK;2. Department of Urban Planning and Design, Xi''an Jiaotong-Liverpool University, China;1. Division of Transport Economics, The Swedish National Road and Transport Research Institute (VTI) and Örebro University School of Business, Sweden;2. Department of Transport Science, KTH Royal Institute of Technology, Sweden;1. Singapore-MIT Alliance for Research and Technology (SMART), Singapore;2. Technion - Israel Institute of Technology, Israel |
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| Abstract: | This work compares the outcome of Cost Benefit Analysis and a Multi-Criteria method when applied to a transport project. The Analytic Hierarchy Process was used, utilising two approaches to derive the weights. Results show that the outcome of the Multi-Criteria method did not match the one suggested by the Cost Benefit Analysis, but it did match the final decision by the authority. An important conclusion has to do with the relevance of incorporating other aspects into the assessment, apart from the economic ones. Furthermore, public opinion should be taken into account explicitly into the decision making, providing accurate and timely information about projects. |
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