Abstract
Cost-Benefit Analysis (CBA) measures a project's societal value by quantifying the project's societal effects and making costs and benefits comparable in monetary terms. CBA is the most widely applied tool for the appraisal of transport projects. This chapter aims to provide an up-to-date overview of recent literature regarding the application and the development of CBA in the context of Transport Policy and Planning. We describe the history of CBA and its foundations in welfare economics. We review literature on recent developments and debates regarding the method as well as the literature on the implementation of CBA in practice. Finally, we describe research challenges related to CBA: which questions regarding applying CBA for Transport Policy and Planning need to be answered in future research?
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