This paper performs an ex-post cost-benefit analysis (CBA) of the Metro system in Stockholm built in the 1950s. We find that the Metro was socially beneficial and that the largest benefit of the Metro is its capacity, making it possible for many people to travel to and from the city center. We...

Transport infrastructure is long-term and in appraisal it is necessary to value travel time savings for future years. This requires knowing how the value of time (VTT) will develop over time as incomes grow. This paper investigates if the cross-sectional income elasticity of the VTT is equal to...