Forecasting the socio-economic impact of the Large Hadron Collider: A cost–benefit analysis to 2025 and beyond

Florio, Massimo; Forte, Stefano; Sirtori, Emanuela

doi:10.1016/j.techfore.2016.03.007

Cited by 45 publications

(60 citation statements)

References 12 publications

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“…This report presents a social Cost-Benefit Analysis (CBA) of the High Luminosity (HL) upgrade project of the Large Hadron Collider (LHC) programme, assessing its economic costs and benefits until 2038. This work extends the initial CBA study concerning the LHC [1].…”

Section: Aim Of the Reportsupporting

confidence: 58%

“…The theoretical background of the CBA model for a RI is presented in [7] and [8], while details concerning the CBA analysis of the LHC programme are presented in [1]. A broad overview of the CBA methodology is offered by [9], [10] and [11].…”

Section: The Cba Methodologymentioning

confidence: 99%

“…CERN and its accelerator complex represent a unique international research infrastructure whose societal impacts go well beyond the scope of advancing the frontier of knowledge in High Energy Physics (see [1]; [2]; [3]). This report presents a social Cost-Benefit Analysis (CBA) of the High Luminosity (HL) upgrade project of the Large Hadron Collider (LHC) programme, assessing its economic costs and benefits until 2038.…”

Section: Aim Of the Reportmentioning

confidence: 99%

“…The project schedule of HL-LHC is shown in Figure 1(b). 1 A CBA is an appropriate methodology for assessing the multi-dimensional nature of benefits ascribed to the HL upgrade of the LHC [4]. The "Horizon 2020 -Work Programme 2018-2020 on European research infrastructures" mentions that the preparatory phase of new ESFRI projects (www.esfri.eu) should include a CBA [5].…”

Section: Aim Of the Reportmentioning

confidence: 99%

“…The horizon of the analysis spans the 1993-2038 period. From 1993 to 2014, the two scenarios overlap and hence the costs and benefits are identical to those considered in the CBA of the LHC by [1]. The two scenarios are sketched in Figure 1(a).…”

Section: The Counterfactual Scenario (Cfs)mentioning

confidence: 99%

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Social Cost-Benefit Analysis of HL-LHC

Bastianin

Florio

2018

SSRN Journal

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Section: Aim Of the Reportsupporting

confidence: 58%

Section: The Cba Methodologymentioning

confidence: 99%

Section: Aim Of the Reportmentioning

confidence: 99%

Section: Aim Of the Reportmentioning

confidence: 99%

Section: The Counterfactual Scenario (Cfs)mentioning

confidence: 99%

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Social Cost-Benefit Analysis of HL-LHC

Bastianin

Florio

2018

SSRN Journal

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Findings from the LHC/HL-LHC Programme

Bastianin

2020

The Economics of Big Science

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This note summarizes the results of a social Cost–Benefit Analysis (CBA) of the High Luminosity upgrade of the Large Hadron Collider (HL-LHC). The social CBA methodology is well-suited to assess social costs and benefits of the HL-LHC up to 2038. The analysis shows that the ratio between incremental benefits and incremental costs of the HL-LHC with respect to operating the LHC under normal consolidation (i.e. without high-luminosity upgrade) is slightly over 1.7, meaning that each Swiss Franc invested in the HL-LHC upgrade project pays back approximately 1.7 CHF in societal benefits. The rest of the note is organized as follows. We first discuss the merits of CBA; next, we present the methodology and discuss the results.

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From Science to Society: The Open Science and Innovation and Network Approach

Gutleber

2024

Science Policy Reports

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Public investment in fundamental scientific research generates societal benefits (Mazzucato in Public Aff, 2018 [1]; Barrett et al. in Why basic science matters for economic growth. Public investment in basic research will pay for itself. International Monetary Fund Blog, 2011 [2]; Zuniga and Wunsch-Vincent in Harnessing the benefits of publicly-funded research. WIPO Magazine, 2012 [3]; Adams in Calif Manage Rev 48(1):29–51, 2005 [4]; European Physical Society in Physics and the economy. Report. Centre for Economics and Business Research, 2019 [5]). At first sight it seems counterintuitive that public funding of a curiosity driven activity that does not address immediate societal challenges or urgent needs can produce wealth and be even long-term sustainable. We are rather tempted to argue that on the contrary, only applied research and targeted investments such as for instance addressing climate change, advancing microelectronics, increasing the effectiveness of battery-based energy storage or the developments of space technologies can satisfy this criterion. It is important to engage both, public and private funds to address such challenges, but science is a key ingredient to come up with the truly disruptive solutions. The funds required to address grand challenges call for globally concerted approaches over several decades with effects that will become only visible after several generations. Funding alone will, however, not be sufficient to effectively respond to societal challenges. Looking at the private sector, it turns out that a significant share of high-tech companies are ultimately results of initial public funding for curiosity driven scientific research.

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Forecasting the socio-economic impact of the Large Hadron Collider: A cost–benefit analysis to 2025 and beyond

Cited by 45 publications

References 12 publications

Social Cost-Benefit Analysis of HL-LHC

Social Cost-Benefit Analysis of HL-LHC

Findings from the LHC/HL-LHC Programme

From Science to Society: The Open Science and Innovation and Network Approach

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