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on Project, Program and Portfolio Management |
| By: | Stephen Jarvis |
| Abstract: | Large infrastructure projects can create widespread societal bene ts, but also fre- quently prompt strong local opposition. This is sometimes pejoratively labeled NIMBY (Not In My Backyard) behavior. In this paper I estimate the economic costs of NIMBYism and its role in local planning decisions. To do this I use de- tailed data on all major renewable energy projects proposed in the United Kingdom spanning three decades. First, I use hedonic methods to show that wind projects impose signi cant negative local costs, while solar projects do not. I then show that planning ocials are particularly responsive to the local costs imposed within their jurisdictions, but fail to account for variation in these costs across jurisdic- tions. The result has been a systematic misallocation of investment, which may have increased the cost of deploying wind power by 10-29%. Much of this can be attributed to the fragmented and localized nature of the planning process. |
| Keywords: | Infrastructure, Electricity, Renewables, NIMBY, Local, Planning |
| JEL: | Q42 Q51 Q53 R30 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:bon:boncrc:crctr224_2021_300&r= |
| By: | Foreman-Peck, James (Cardiff Business School) |
| Abstract: | Britain was in the forefront of utilising Public-Private Partnerships (PPP) and contracting out from the 1980s. The British experience of increasing disenchantment with private finance and outsourcing in recent years is therefore of considerable interest. Private contractors have not proved invariably better at managing government services than direct government supply. Nearly complete measurement of the service is highly desirable if the supply is to be successfully contracted out or provided by a PPP. Though potentially beneficial for controlling project whole life costs, bundling different stages of supply boosts the size of the contract, which in turn reduces the number of potential competitors and the intensity of competition for the contract. Credible risk transfer continues to be challenging. H M Treasury project appraisal in some respects was biased in favour of private finance projects and yardstick competition between procurement routes remains underutilised. Private finance has been shown an expensive way of massaging the national debt-gdp ratio, although less than 10% of government investment is at stake. On the other hand, considerable experience has been obtained in controlling whole life project costs with other, simpler, procurement routes. |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:cdf:wpaper:2021/12&r= |
| By: | Darvas, Zsolt; Mazza, Jan; Midões, Catarina |
| Abstract: | We employ a novel methodology for the study of the characteristics of successful European Union cohesion projects. We first estimated ‘unexplained economic growth’ by controlling for the influence of various region-specific factors, and then analysed its relationship with about two dozen cohesion project characteristics. We found that the best-performing regions have on average projects with longer durations, more inter-regional focus, lower national co-financing, more national (as opposed to regional and local) management, higher proportions of private or non-profit participants among the beneficiaries and higher levels of funding from the Cohesion Fund. No clear patterns emerged concerning the sector of intervention. |
| Keywords: | EU cohesion policy, growth determinants, regional convergence, project characteristics |
| JEL: | C21 O47 R11 |
| Date: | 2021–04–12 |
| URL: | http://d.repec.org/n?u=RePEc:cvh:coecwp:2021/03&r= |
| By: | Billette de Villemeur, Etienne; Scannell, Jack; Versaevel, Bruno |
| Abstract: | From the perspective of pharmaceutical companies, R&D outsourcing offers a range of benefits. For example, costs that were otherwise fixed can become variable, and firms can gain rapid access to a large set of new technologies. Recent theoretical work has added to the list by connecting R&D activities characterized by economies of scope and knowledge spillovers -- those that are likely to have the biggest effect on industry economics and social welfare – to the ability of large drug companies to capture a disproportionate share of economic value from, and transfer a disproportionate share of financial risk to, small new technology providers. The low profitability and high risk associated with the provision of such outsourced R&D activities reduce incentives to invest in new for-profit ventures that specialize in the most promising early-stage projects. We hypothesize that the short- to medium-term efficiency gains from R&D outsourcing may, therefore, be offset by slower innovation in the long run. |
| Keywords: | research; development; biotechnology; pharmaceuticals; externalities |
| JEL: | L13 L65 O31 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:108233&r= |
| By: | Jean-Philippe Meloche; Vincent Trotignon; François Vaillancourt |
| Abstract: | In considering the prioritization of transit system development projects in Montreal, this report examines the benefits and costs associated with different expansion options such as extensions and densification. It provides a literature review that first identifies key themes in the benefit-cost analysis associated with transit system development. It then uses existing empirical results to draw conclusions about the expected impacts of extension and densification projects. Dans la réflexion sur la priorisation des projets de développement des réseaux structurants de transport en commun à Montréal, ce rapport s’intéresse à la question des bénéfices et des coûts associées à différentes options d’expansion telles que les prolongements et la densification. On y propose une revue de littérature qui permet dans un premier temps de dégager les thèmes clés de l’analyse avantages-coûts associés au développement des réseaux de transport en commun. On se sert ensuite de résultats empiriques existants pour tirer des conclusions sur les impacts attendus des projets de prolongement et de densification. |
| Keywords: | Montreal,Public transport,Costs,Benefits,Infrastructures,Underground,Surface, Montréal,Transport en commun,Coûts,Bénéfices,Infrastructures,Souterrain,Surface |
| Date: | 2021–05–31 |
| URL: | http://d.repec.org/n?u=RePEc:cir:cirpro:2020rp-28&r= |
| By: | Lant Pritchett (Center for International Development at Harvard University) |
| Abstract: | The enthusiasm for the potential of RCTs in development rests in part on the assumption that the use of the rigorous evidence that emerges from an RCT (or from a small set of studies identified as rigorous in a “systematic” review) leads to the adoption of more effective policies, programs or projects. However, the supposed benefits of using rigorous evidence for “evidence based” policy making depend critically on the extent to which there is external validity. If estimates of causal impact or treatment effects that have internal validity (are unbiased) in one context (where the relevant “context” could be country, region, implementing organization, complementary policies, initial conditions, etc.) cannot be applied to another context then applying evidence that is rigorous in one context may actually reduce predictive accuracy in other contexts relative to simple evidence from that context—even if that evidence is biased (Pritchett and Sandefur 2015). Using empirical estimates from a large number of developing countries of the difference in student learning in public and private schools (just as one potential policy application) I show that commonly made assumptions about external validity are, in the face of the actual observed heterogeneity across contexts, both logically incoherent and empirically unhelpful. Logically incoherent, in that it is impossible to reconcile general claims about external validity of rigorous estimates of causal impact and the heterogeneity of the raw facts about differentials. Empirically unhelpful in that using a single (or small set) of rigorous estimates to apply to all other actually leads to a larger root mean square error of prediction of the “true” causal impact across contexts than just using the estimates from non-experimental data from each country. In the data about private and public schools, under plausible assumptions, an exclusive reliance on the rigorous evidence has RMSE three times worse than using the biased OLS result from each context. In making policy decisions one needs to rely on an understanding of the relevant phenomena that encompasses all of the available evidence. |
| Keywords: | randomized controlled trials |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:cid:wpfacu:399&r= |
| By: | Anwar, Ahsan; Sharif, Arshian; Fatima, Saba; Ahmad, Paiman; Sinha, Avik; Khan, Syed Abdul Rehman; Jermsittiparsert, Kittisak |
| Abstract: | Transportation infrastructure is a pillar of economic development as well as a main contributor to climate change. Therefore, it is necessary to transform the transport sector investment into climate-resilient, low-carbon transportation choices in order to achieve sustainable transportation infrastructure. In case of China, this transformation might be necessary from the perspective of the “New-style Urbanization” strategy, and for fulfilling this strategy, policy realignment is required. To address this policy-level void in the literature, we explore the influence of public private partnerships investment in transport sector, renewable energy consumption, urbanization on transport-induced carbon emissions in China. For this purpose, we apply Quantile Autoregressive Distributed Lagged (QARDL) method during 1990Q1-2018Q4. Based on the results of the study, a multipronged sustainable development goal (SDG) framework has been suggested, under which SDG 11, SDG 13, and SDG 8 are addressed, while using SDG 17 as a vehicle. |
| Keywords: | Public Private partnership investment in transport, Transport CO2 emissions, Urbanization, Renewable energy consumption, Quantile ARDL |
| JEL: | Q5 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:108160&r= |