Abstract
This paper provides a review of the elements of benefit/cost analysis and its application to the evaluation of navigation system investments. Included is a discussion of the techniques used, the data required for such analysis and the level at which they are applied. Finally, a case study is given which shows how benefit/cost evaluation techniques were used to formulate the basis of an investment decision concerning the expansion of Loran-C in the Eastern Caribbean. The results of this analysis indicated that the benefits did not significantly outweigh the costs under the most optimistic set of assumptions considered. These results were subsequently used by the Secretary of Transportation as one of the bases for a decision not to expand Loran-C into the Eastern Caribbean.
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