Practices for Evaluating the Economic Impacts and Benefits of Transit

Weisbrod, Glen; Stein, Naomi; Duncan, Chandler; Blair, Adam

doi:10.17226/24768

Cited by 7 publications

(7 citation statements)

References 0 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…There are different approaches to evaluating the benefits or impacts of transit services. These approaches include a benefit-cost analysis (BCA), an economic impact analysis (EIA), or a multiple account evaluation (MAE) ( 13 , 14 ). An economic impact is any effect of a policy or project on the economy of a designated project area.…”

Section: Methodsmentioning

confidence: 99%

“…Therefore, most economic impacts are not included in a BCA. MAE is a type of hybrid approach that catalogs various economic impacts and benefits without adding them together to calculate an overall metric ( 13 ). MAE may be appropriate when there are several different types of benefit and impact to consider and converting them all to dollar terms and calculating a single metric is not feasible.…”

Section: Methodsmentioning

confidence: 99%

“…Mjelde et al ( 12 ) also argued that many of the previous evaluation studies are flawed conceptually, use incorrect methods or assumptions, or both. TCRP Synthesis 128 concluded that these studies vary widely in their rigor and that there is still some confusion over the different types of study, their terminology, and interpretations ( 13 ).…”

mentioning

confidence: 99%

See 2 more Smart Citations

Measuring Benefits of Rural and Small Urban Transit in Greater Minnesota

Mattson

Peterson

2021

Transportation Research Record: Journal of the Transportation R

View full text Add to dashboard Cite

The objective of this research was to measure the benefits of rural and small urban transit services in Minnesota. The study accomplished this by first identifying, describing, and classifying the potential benefits of transit. Second, a method was developed to measure these benefits. Where possible, benefits were quantified in dollar values. Other benefits that could not be quantified in monetary terms were either quantified in another way or described qualitatively. The study included an analysis of societal benefits and economic impacts within local communities. Third, the developed method was applied to a series of six case studies across Greater Minnesota. Data were collected through onboard rider surveys for each of the six transit agencies. Total benefits and benefit-cost ratios were estimated for the six transit agencies—all showed benefits that exceeded costs—and results were generalized to Greater Minnesota. Economic impacts were also estimated showing the effect on jobs, labor income, and value added. This research provides information to assess the benefits of public spending on transit, which gives decision makers the data needed to inform investment decisions.

show abstract

Section: Methodsmentioning

confidence: 99%

Section: Methodsmentioning

confidence: 99%

See 1 more Smart Citation

Measuring Benefits of Rural and Small Urban Transit in Greater Minnesota

Mattson

Peterson

2021

Transportation Research Record: Journal of the Transportation R

View full text Add to dashboard Cite

show abstract

“…According to Weisbrod and Weisbrod (1997) as well as Domanski and Gwosdz (2010), a decision concerning the geographical radius is particularly important, as it determines which effects will be internal or external to the local economy. However, this was not straightforward in the case of food supply chains, because, as the literature review details, there is no official definition of 'local' either within Europe or globally.…”

Section: Designating a Geographical Boundary For Local Areasmentioning

confidence: 99%

What are the economic impacts of short food supply chains? A local multiplier effect (LM3) evaluation

Kłoczko-Gajewska,

Malak-Rawlikowska,

Majewski

et al. 2023

European Urban and Regional Studies

View full text Add to dashboard Cite

Shortening food supply chains attracts increasing support from policymakers, to improve returns to farmers and stimulate rural development. However, there is a lack of empirical evidence regarding the impacts of short food supply chains on local economies. To address this, the article quantifies the impacts of short food supply chains on local economies, using the Keynesian-based Local Multiplier 3 method (LM3), applied to a unique dataset of 122 farm businesses from five European Union countries (France, Hungary, Italy, Poland and the United Kingdom). Estimations cover 305 market chains, comprising both short and long food supply chains, in which sampled farmers participate. The results indicate that the revenues from farm production remain largely within local economies, generating a substantial multiplier effect (LM3 > 2). This effect stems from purchases of farm inputs locally including, in the first instance, hiring local labour, as well as the expenditures of local suppliers that re-spend part of their revenues within the local area. The multiplier effects of short food supply chains are similar to long food supply chain equivalents as both use largely local labour and source tradable inputs locally. In shaping food chain policy a broader set of socioeconomic benefits to local development from selling through short food supply chains should be considered.

show abstract

“…The induced effect is a measure of this increase in household-to-business activity. In addition, dynamic effects are caused by geographical shifts over time in populations and businesses (Weisbrod & Weisbrod, 1997). Table 7 provides a measure of the consumption-induced multiplier of the RRPCL investment starting from 2025 to 2030.…”

Section: Estimation Of Employment Contributionmentioning

confidence: 99%

Economic Impact Analysis of a Mega Project on Petroleum Refinery: A Case Study of the Proposed Ratnagiri Refinery in Maharashtra

Bandyopadhyay

Biswas

Pratap

et al. 2022

Margin: The Journal of Applied Economic Research

View full text Add to dashboard Cite

An economic evaluation of mega projects is very important for taking into account important aspects connected with investment and operation costs, their possible overflows and the fulfilment of the time period intended for the project. But it is also needed for monitoring the impact of the projects on the overall economy and the regional surroundings. The main objective of the present article is the evaluation of a particular mega project, that is, Ratnagiri Refinery and Petrochemicals Limited, by examining the various aspects of economic evaluation using a new methodology for the estimation of the specific impact in the project evaluation. JEL Codes: C67, L71, L74

show abstract

Practices for Evaluating the Economic Impacts and Benefits of Transit

Cited by 7 publications

References 0 publications

Measuring Benefits of Rural and Small Urban Transit in Greater Minnesota

Measuring Benefits of Rural and Small Urban Transit in Greater Minnesota

What are the economic impacts of short food supply chains? A local multiplier effect (LM3) evaluation

Economic Impact Analysis of a Mega Project on Petroleum Refinery: A Case Study of the Proposed Ratnagiri Refinery in Maharashtra

Contact Info

Product

Resources

About