Critical analysis of conventional transport economic evaluation /

Transportation economic evaluation refers to the process of quantifying and monetizing a transport policy or project's benefits and costs. How it is performed can significantly influence transport planning decisions. This report critically examines conventional evaluation practices. Conventional transport economic evaluation primarily monetizes changes in vehicle travel speeds and operating costs; it overlooks other impacts and objectives (parking costs, vehicle ownership costs, mobility for non-drivers, public health, and induced travel impacts), and other accessibility factors (the quality of transport options, roadway connectivity and geographic proximity). It seldom measures the economic efficiency gains from strategies that favor higher value trips and more efficient modes, or the consumer surplus benefits of accommodating latent demand. This analysis indicates that conventional transport economic evaluation has significant omissions and biases that favor mobility over accessibility, and automobile travel over other modes. Various reforms described in this report can result in more comprehensive and multi-modal evaluation.