Option and non-use values and rail project appraisal
economics - appraisal/evaluation, mode - rail
option values, non-use values, transport appraisal
Option values and non-use values are well-known concepts in environmental economics, but so far there been few attempts to apply the concepts to the transportation field. This paper therefore firstly reviews empirical studies on transport option and non-use values, and secondly examines the inclusion of option and non-use values in five rail scheme appraisals in the UK. We find that whilst the evidence base is small, the importance of option and non-use values is large where user benefits are low and for projects involving the provision (or loss) of commuting opportunities (including station openings/closures).
Permission to publish the abstract given by Elsevier. Copyright remains with Elsevier.
Laird, J., Geurs, K., & Nash, C. (2009). Option and non-use values and rail project appraisal. Transport Policy Vol. 16, (4), Pp. 173-182.