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Appraising land values sounds attractive, but it’s flawed

Paul Withrington, Transport-Watch, Northampton NN2
21 March 2014
Cost benefit analysis is only suitable for investments where there is no market, such as roads, says Paul Withrington
Cost benefit analysis is only suitable for investments where there is no market, such as roads, says Paul Withrington

 

David Metz canvasses for changes in land values to be the measure of benefits rather than the traditional time savings (ibid). I canvassed for the same in the now defunct journal, The Surveyor, in editions on the 8 and 15 December 1972.  

Among other things I pointed out that the standard cost benefit analysis would not capture benefits in a range of circumstances. Suppose we have an uncongested road upon which traffic doubled over 20 years whilst remaining uncongested. Time savings would...

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