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on Project, Program and Portfolio Management |
| By: | Jarvis, Stephen |
| Abstract: | Large infrastructure projects have important social benefits but can also prompt strong local opposition. I estimate the economic costs of NIMBY (not in my backyard) attitudes and local planning restrictions by studying renewable energy projects. Using data on thousands of permitting applications, I show that wind and solar projects can have highly heterogeneous impacts depending on their characteristics and location. In some cases this includes significant external local costs, and I conduct a hedonic analysis to quantify the impact on nearby property values. I then show that planning officials are particularly sensitive to these local costs, especially when wealthy residents are affected. This often comes at the expense of considering the wider social benefits of these projects. These biases in the permitting process create inefficiencies that increased costs and led to substantial underinvestment in renewable energy. |
| Keywords: | renewable energy; infrastructure; NIMBY; permitting |
| JEL: | R11 R52 Q42 Q58 |
| Date: | 2025–07–31 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:125611 |
| By: | Nolla Sánchez, Edgra; Barquero Cabrero, José Daniel |
| Abstract: | This paper proposes the concept of the bankable municipality as an applied extension of the literature on local economic development, urban governance, infrastructure finance and institutional economics. It introduces the Municipal Real Bankability Index (MRBI), an evaluative framework combining cash-flow visibility, asset clarity, permitting maturity, verified demand, risk allocation, scale, public impact and governance continuity. The paper also develops the notion of municipal tremolo, defined as the political, administrative and contractual oscillation that increases risk premia, reduces competition and makes local finance more expensive. Drawing on a comparative reading of Bilbao, Madrid, Barcelona, Malaga, Hamburg and Copenhagen, the paper identifies prudently transferable lessons for Spanish and European municipalities: governance vehicles, project portfolios, land-value capture, institutional continuity, productive ecosystems and public-interest boundaries. The conclusion is that a bankable municipality is not a city for sale, but a public administration capable of organising its assets, reducing uncertainty and negotiating capital under rules that generate both economic returns and civic dividends. |
| Keywords: | municipal finance; bankability; urban governance; institutional capital; local economic development; public-private partnerships; project finance; urban regeneration; Spainpublic-private partnerships; project finance; urban regeneration; local government; municipal investment; civic dividend; infrastructure finance |
| JEL: | D00 E0 G11 G19 H5 L3 L32 L38 |
| Date: | 2026–06–05 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:129415 |
| By: | Lathrop, John; Dikmen, Irem; Soane, Emma; Aven, Terje |
| Abstract: | The Applied Risk Management Specialty Group of the Society for Risk Analysis (SRA) identified a need to define, characterize, and improve risk analysis quality, specifically its quality in supporting risk management. To address that need, they drew on prior research and experience to develop the Risk Analysis Quality Test, the RAQT, a list of 76 questions, each asking if a risk analysis satisfies an aspect of risk analysis quality. The RAQT is both a definition of risk analysis quality, and a “spotter” of shortfalls, providing a language with which to describe then address possible shortfalls. The 76 questions were compiled by a working group based on risk science knowledge and on shortfalls they had observed in practice. With this study, we demonstrate that, simply by defining an explicit process to characterize risk analysis quality, the RAQT can improve risk analysis quality on several levels. We describe applications of the RAQT at each of three levels: 1) to evaluate risk analysis reporting within a large project; 2) to critique and suggest improvements for describing risk; and 3) more strategically, as a basis for orienting an organizational culture around awareness and management of risk. Finally, we discuss the implications of our study. This paper contributes to the risk analysis body of knowledge and practice by demonstrating the critical role of risk analysis quality assessment to identify shortfalls in risk characterization and communication, and the role of organizational culture in shaping how effectively risk analyses can guide risk management. |
| Keywords: | risk analysis quality; risk analysis; risk management; risk culture; risk communication |
| JEL: | G32 |
| Date: | 2024–12–31 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:126088 |
| By: | Stuart Mills; David M. Levinson (TransportLab, School of Civil Engineering, University of Sydney) |
| Abstract: | In this paper, we use Sydney as a case study to reassess past and proposed rail lines through an accessibilitybased appraisal framework. We estimate changes in job accessibility under alternative network configurations and monetise those changes using land-value uplift implied by previously estimated Sydney hedonic models. We treat this land-value uplift measure as a partial indicator of capitalised accessibility benefits, rather than a full substitute for conventional cost–benefit analysis. We review Bradfield’s 1916 heavy-rail proposal, the 1974 Sydney Area Transportation Study (SATS), the 2001 Long Term Strategy for Rail, and Sydney Metro 2056 proposals, and we also examine two revised heavy-rail or metro routes and several light-rail options. Costs are benchmarked from recent Sydney and international projects, and benefit/cost ratios are reported under multiple discount rates. The results identify several historical and revised alignments that perform well under this access-based land-value metric, while also showing the importance of cost assumptions and the interpretation of land-value uplift in policy appraisal. |
| Keywords: | transportation, accessibility, public transport, transport networks |
| JEL: | R40 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:nex:wpaper:paper-2026-15 |
| By: | Mattias Antar; Adel Daoud; Connor T. Jerzak |
| Abstract: | Subnational studies of aid effectiveness often rely on repeated cross-sections or nighttime lights, making it difficult to separate local treatment effects from baseline differences and potentially favoring infrastructure-heavy projects. We address these limitations by studying World Bank and Chinese development projects in Africa with a balanced panel of 2, 166 DHS clusters across 35 countries from 2002 to 2013. Geocoded AidData projects are linked to satellite-imputed International Wealth Index estimates, a household-centered measure of material living standards. We compare a conventional two-way fixed effects (TWFE) event-study with the switcher--stayer estimator of de Chaisemartin and D'Haultfoeuille (dCdH), which avoids contaminated comparisons under staggered treatment timing. Pre-treatment diagnostics show that project placement is frequently selective: clusters that later receive projects often begin from weaker relative positions before treatment onset. Consequently, TWFE often implies larger post-treatment gains than the preferred staggered-treatment design supports. Under dCdH, the evidence becomes more selective and sector-specific. For the World Bank, positive evidence is strongest in Health, while Education shows positive but less cleanly identified gains. For China, Water Supply and Sanitation and Other Social Infrastructure and Services show positive associations with local wealth, although residual selection concerns remain. By contrast, Chinese Energy Generation and Supply appears strongly positive under TWFE but falls close to zero under dCdH. Overall, the results do not support a donor-wide claim that either the World Bank or China uniformly improves local wealth. Instead, estimated effects are concentrated in a limited set of donor--sector panels and depend strongly on how treatment timing, selection, and outcome measurement are handled. |
| Date: | 2026–06 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2606.06651 |
| By: | Billimoria, F.; Simshauser, P. |
| Abstract: | This article examines the design and valuation of cap-and-floor hedge contracts in hybridised electricity markets, with a focus on their interaction with merchant price risk and project finance structures. Cap-and-floor or 'collar' mechanisms have emerged as a prominent policy instrument to support long-duration storage and firming investment by enhancing project bankability. We show that when investments are financed under leveraged project finance constraints, the value of a profit -sharing collar contract is driven primarily by its ability to truncate left-tail revenue risk rather than its risk -neutral fair value. As a result, collars are likely to be provided to investors at prices that differ materially from actuarial fair valuations in order to meet financing requirements. Incorporating imperfect foresight and empirically calibrated heavy-tailed price forecast errors, we demonstrate that downside dispersion plays a central role in determining debt sizing and investment incentives. Moreover, by examining re-contracting potential, we find the presence of centrally provided profit -sharing collars may materially reduce participant incentives to participate in forward derivative markets, weakening one of the commonly cited advantages of the structure. Overall, it emphasises the importance of transparent contract valuation and careful hedge market design in hybridised electricity markets. |
| Keywords: | Electricity Markets, Risk Trading, Project Finance, Contract Design, Energy Storage |
| JEL: | D47 D52 D53 G12 Q40 |
| Date: | 2026–05–31 |
| URL: | https://d.repec.org/n?u=RePEc:cam:camdae:2640 |
| By: | Sta. Romana, Leonardo L. |
| Abstract: | The voluntary carbon market, used by companies to buy credits to "offset" part of their remaining emissions, has recently faced integrity issues due to inaccurate, sometimes even fraudulent, claims of emissions avoidance from projects preventing deforestation. Several recent "best practices" in the Amazon are noteworthy in terms of rebuilding trust in the market for offsets based on the carbon-absorbing abilities of nature itself. On the supply side, a developer and two Brazilian start-ups focused on forest restoration projects are presented. On the demand side, the big US tech firms and global corporates buying the carbon credits are discussed. Their willingness to pay a premium price for the high-quality carbon offsets are noted. An innovative World Bank Amazon-inspired financial instrument used to mobilize private institutional capital is also explained. |
| Keywords: | Nature-based Solutions, , Forest Protection, Forest Restoration, Deforestation, Forest Degradation, Carbon Market, Carbon Removal, Carbon Offsets, Amazon Rainforest, Biodiversity |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:341033 |
| By: | Saraceno Pier (European Commission - JRC); Fioretti Carlotta; Landucci Simone; Stavropoulos Eleftherios; Spalazzi Annalisa |
| Abstract: | This report presents an EU-wide stocktake of Integrated Territorial Development Strategies (ITDSs) implemented under Cohesion Policy 2021–2027, drawing on data from STRAT-Board, the JRC–DG REGIO platform monitoring integrated territorial approaches. The dataset covers 87 Managing Authorities, 110 programmes and 1, 426 strategies - around 70% of all ITDSs - representing the most comprehensive evidence available for this programming period. Integrated Territorial Development (ITD) accounts for EUR 41.3 billion (~11% of total EU Cohesion Policy contributions), with uptake varying considerably across Member States due to differences in governance systems, administrative capacity and strategic interpretation. Integrated Territorial Investment (ITI) is the most widely used delivery mechanism, followed by Other Territorial Tools (OTTs) and Community-led Local Development (CLLD). While Sustainable Urban Development (SUD) remains central, most strategies target small and medium-sized territories: 85% cover areas below 250, 000 inhabitants and nearly half focus on territories under 50, 000. Over half span mixed urban–rural geographies, reflecting the importance of functional territorial linkages. Financially, SUD strategies mobilise substantially higher per-capita investments than non-SUD strategies, which tend to support smaller-scale, community-oriented interventions. Thematic priorities concentrate on integrated territorial development, biodiversity, energy efficiency and sustainable mobility. Governance arrangements are generally formalised, though practices vary in strategy selection, project identification and monitoring. Overall, the findings highlight the growing importance and heterogeneous implementation of ITD, underscoring the need to strengthen local capacity and enhance place-based impact. |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc145955 |
| By: | Aries Eric (European Commission - JRC); Fereres Sonia (European Commission - JRC); Bellomo Nicolas (European Commission - JRC); Gonzalez Cuenca Jose (European Commission - JRC); Ferreira De Almeida Vanessa (European Commission - JRC); Tejedor Sanz Sara (European Commission - JRC); Chronopoulos Georgios (European Commission - JRC); Retsoulis Ioannis (European Commission - JRC); Roudier Serge (European Commission - JRC); Lambert Caroline (European Commission - JRC) |
| Abstract: | The objective of this publication, the Technical Report on Innovative Techniques (TRIT) of 2026 by the INCITE, is to serve as a strategic technological compass for Europe’s industrial transition. The report maps a comprehensive dataset of 563 demonstrator projects across Europe identified be-tween 2020 and 2025. The content focuses on energy-intensive industries (EIIs) and prioritises sectors with the highest environmental impact and strategic relevance for the Clean Industrial Deal. It was found that innovation in industry is highly concentrated in three ‘hard-to-abate’ sectors: Iron & Steel, Chemicals, and Cement, Lime, and Magnesia. Together, these sectors account for approximately 65% of all identified demonstrators. The report focuses on techniques that have reached a Technology Readiness Level (TRL) of 6–7 or higher. Currently, TRL 7 (33%) and TRL 9 (28%) represent the largest shares of the dataset, indicating a strong pipeline of solutions demonstrated in operational environments or ready for market. While decarbonisation is the dominant driver (present in 71% of projects), industrial pilots are increasingly engineered for synergistic benefits. These include depollution (42%) and circularity (30%), such as waste-to-feedstock conversion and the valorisation of industrial by-products. Several barriers to imple-mentation were identified, and were associated to challenges in permitting, infrastructure availa-bility, and financing risks with first-of-a-kind installations. The current dataset is strongly influenced by EU-funded projects (> 70% of the projects) due to robust reporting obligations. Private and national sector investments remain less visible and fragmented. Overall, the findings of this report serve as a foundation for future Best Available Techniques (BAT). By identifying mature, high-performance technologies now, INCITE ensures that upcoming EU norms accelerate the deployment of cleaner technologies. |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc146559 |
| By: | Gauda, Irwin; Harvey, John |
| Abstract: | Three pilot projects were constructed using hot mix asphalt (HMA) with higher percentages of recycled asphalt pavement (RAP) (25% to 40%) and recycled asphalt shingles (RAS) used at 0% or 3%. The three projects were paved between 2021 and 2022 on State Route 49 in El Dorado County (ED 49), State Route 215 in San Bernardino County (SBD 215), and State Route 26 in San Joaquin County (SJ 26). Two and a half to three years later, pavement condition surveys were conducted to observe surface distresses. On ED 49, the 3% RAS mix exhibited 6% low-severity wheelpath alligator cracking, often with mild pumping. The other mixes on ED 49 exhibited lower levels of alligator and total cracking. No alligator cracking was observed on SBD 215, which includes a cement-treated base not present in the other pilot projects. On SJ 26, all test sections exhibited some form of cracking, though mostly of low severity. Among the mixes, the 25% RAP/3% RAS mix showed the most alligator cracking on SJ 26 (around 7% of the wheelpath), while the 0% RAP/0% RAS control mix showed the most transverse cracking and the highest total cracking. |
| Keywords: | Engineering, recycled asphalt pavement (RAP), recycled asphalt shingles (RAS), distress, cracking, hot mix asphalt (HMA) |
| Date: | 2025–11–01 |
| URL: | https://d.repec.org/n?u=RePEc:cdl:itsdav:qt7vj3s6vh |
| By: | Turner, Dylan |
| Abstract: | This brief projects 2026 drought-attributed crop insurance indemnities for six major U.S. field crops using county-level panel data from 2003 through 2025. Early-season Drought Severity and Coverage Index (DSCI) values are linked with USDA Risk Management Agency cause-of-loss records in a county fixed-effects framework to estimate the relationship between drought severity and insurance losses. Applied to January--May 2026 drought conditions, the model projects approximately $8.4 billion in drought indemnities nationally, with losses concentrated in the Great Plains and Midwest. These projections provide a data-driven baseline for assessing the Federal Crop Insurance Program's financial exposure to ongoing drought. |
| Keywords: | Agricultural and Food Policy |
| Date: | 2026–06–05 |
| URL: | https://d.repec.org/n?u=RePEc:ags:arpcbr:402745 |