THE DEVELOPMENT OF CRITERIA FOR INVESTMENT IN TRANSPORT

This paper explores three criteria for transport investment by public authorities for the maximum benefit of society. The author believes that the public sector will continue to be involved under any circumstances. According to the 'level playing field' criterion, investments for different transport modes should be assessed by similar methods. Unlike other European countries, the UK does not adopt this criterion, as it provides much more favourable investment criteria for road schemes than for public transport projects. However, this situation is beginning to change with the introduction of the 'package approach', where local authorities submit 'packages' of schemes of several modes for approval and funding by the Department of Transport. Cost-benefit analysis for single schemes should be complemented by multicriteria analysis for evaluating transport strategies. For example, in the Dublin Transport Initiative, there is no one decision rule, decision making depends on judgement and consensus, and policy choice demonstrates strengths and weaknesses of options. Because the private sector must attempt to maximise the financial return from its investment, there is potential conflict between public sector and private sector investment criteria. The author argues that private investment decisions should be constrained to meet public objectives. For the covering abstract see IRRD 866140.

  • Corporate Authors:

    SURREY COUNTY COUNCIL

    COUNTY HALL, PENRHYN ROAD
    KINGSTON UPON THAMES,   United Kingdom  KT1 2DY
  • Authors:
    • Russell, C
  • Publication Date: 1994

Language

  • English

Media Info

Subject/Index Terms

Filing Info

  • Accession Number: 00668618
  • Record Type: Publication
  • Source Agency: Transport Research Laboratory
  • Files: ITRD
  • Created Date: Nov 16 1994 12:00AM