Cost-Benefit Analysis (CBA) for public policies assumes ‘consumer sovereignty’, implying that impacts of government projects can be expressed in monetary terms by aggregating individuals’ willingness to pay. However, individuals’ willingness to pay might not accurately reflect...

Cost-Benefit Analysis (CBA) is a widely applied economic appraisal tool to support the planning and decision-making process for transport projects. However, in the planning literature CBA has been criticized for at least three reasons: 1) CBA focuses on traditional transport system related...