This paper examines the results of cost–benefit analysis (CBA) of 200 major investment projects co-financed in 1988–93 by the European Commission. The project database we have built is probably one of the few existing sets of comparable micro-data on the expected rates of return of public infrastructure and on the quality of CBA leading to its calculation. The database reveals a striking dispersion of expected rates of return around the average. Part of the large sample variance is probably a consequence more of inconsistencies in the actual implementation of CBA than of structural differences among the European Union’s more economically backward regions. We offer a measurement of the quality of CBA and compare EU ex-ante data with World Bank ex-post data.
|Titolo:||The economic rate of return of infrastructures and regional policy in the European Union|
FLORIO, MASSIMO (Primo)
|Settore Scientifico Disciplinare:||Settore SECS-P/03 - Scienza delle Finanze|
|Data di pubblicazione:||mar-1997|
|Digital Object Identifier (DOI):||10.1111/1467-8292.00035|
|Appare nelle tipologie:||01 - Articolo su periodico|