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Title: Multi-criteria analysis in transport project evaluation: an institutional approach
Authors: De Brucker, Klaas
Macharis, Cathy
Verbeke, Alain
Keywords: Multi-criteria decision aidMulti-criteria analysisInstitutions;Institutional approachStakeholder
Issue Date: 2011
Publisher: EUT Edizioni Università di Trieste
Source: De Brucker, K., Macharis, C., Verbeke, A. (2011) Multi-criteria analysis in transport project evaluation: an institutional approach, European Transport \ Trasporti Europei, 47, pp. 3-24.
Series/Report no.: European Transport / Trasporti Europei
Abstract: We demonstrate that multi-criteria analysis (MCA), though initially developed in the operations research field, can be usefully applied within the context of the stakeholder-driven or institutional approach to transport project evaluation. We first compare the features of the institutional and neoclassical approaches to economic evaluation. We then identify a number of conditions to be fulfilled for the institutional approach to result in a social optimum that is neutral from a distributional perspective. Such an optimum may not have been intentionally pursued, but may eventually arise as a by-product of the actions of self-interested, individual stakeholder groups. We illustrate the relevance of our approach through a number of recent case studies. Policy makers can use our findings as an input for designing formal decision-making processes, geared towards including stakeholder objectives in transport project evaluation.
ISSN: 1825-3997
Appears in Collections:European Transport / Trasporti Europei (2011) 47/XVI

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