Transport economists may see their work on appraisal as fairly value-free but, for David Metz, the framework they have created over the last 50 years has skewed investment decisions – and not for the better. “Conventional transport economics has reached a dead end,” he writes in the preface to his new book.
The core of his argument is that the focus on user time savings in appraisal has created a bias in favour of civil engineering projects and, in particular, inter-urban...
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