Abstract
Participatory Value Evaluation (PVE) is a new method to assess the desirability of government projects. In a PVE, individuals select their preferred portfolio of government projects given a constrained public budget. Individuals’ preferences for (the impacts of) government projects can be determined based on these choices. The obtained preferences can be used to rank government projects in terms of their desirability. Cost-Benefit Analysis (CBA) is an alternative appraisal method used to assess the desirability of government projects. CBA establishes the desirability of public projects through analyzing people’s trade-offs between their private income and impacts of public projects. The primary objective of this paper is to investigate whether CBA and PVE lead to different policy recommendations in the context of urban mobility investments. We conducted CBAs and a PVE for 16 urban mobility investment projects and find indicative evidence that projects which focus on improving traffic safety and improvements for cyclists/pedestrians rank higher in the PVE, whereas car projects rank higher in the CBA analysis.
Highlights
Participatory Value Evaluation (PVE) is a new method which can be used to assess the desirability of government projects
The Dutch Cost-Benefit Analysis (CBA) Guideline (Romijn and Renes, 2013) prescribes the net present value as the final indicator that should be presented in a CBA because the benefit-cost ratio (BCR) can be manipulated
Participatory Value Evaluation (PVE) is a new method which asks participants to select their preferred portfolio of government projects given a constrained public budget
Summary
Participatory Value Evaluation (PVE) is a new method which can be used to assess the desirability of government projects. In a PVE, participants are offered several possible public projects, information about the impacts of these projects and a constrained public budget in an (online) experiment. Participants are asked to choose the public projects they like to see implemented while respecting the public budget constraint. Cost-Benefit Analysis (CBA) is an economic appraisal method which is used to assess the desirability of public governments and this method is widely applied in the transport domain
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