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Evaluating the Economic Viability of Public Investments in Tourism

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  • Banerjee, Onil
  • Cicowiez, Martin
  • Moreda, Adela

Abstract

Various methods have been applied to evaluating the economic viability of public investments in tourism. In this article, we capitalize on the strengths of computable general equilibrium and cost-benefit analytical techniques and develop an integrated approach to evaluating public investments in tourism. We apply the approach to the evaluation of a US$6.25 million investment in tourism in Uruguay from the perspective of a multilateral development bank and a beneficiary government. These perspectives differ in a cost-benefit analysis (CBA) due to the timing of the costs incurred. The integrated approach is powerful in that it captures first and subsequent rounds of investment impacts of benefits and costs; resource diversion and constraints are accounted for, and the estimation of benefits is consistent with the welfare economics underpinnings of CBA.

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  • Banerjee, Onil & Cicowiez, Martin & Moreda, Adela, 2019. "Evaluating the Economic Viability of Public Investments in Tourism," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 11(1), pages 101-130, November.
    • Handle: RePEc:cup:jbcoan:v:11:y:2019:i:1:p:101-130_10
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    Cited by:

    1. Onil Banerjee & Martin Cicowiez & Marcia Macedo & Žiga Malek & Peter Verburg & Sean Goodwin & Renato Vargas & Ludmila Rattis & Paulo M. Brando & Michael T. Coe & Christopher Neill & Octavio Damiani, 2020. "An Amazon Tipping Point: The Economic and Environmental Fallout," CEDLAS, Working Papers 0292, CEDLAS, Universidad Nacional de La Plata.
    2. Sánchez, Marco V. & Cicowiez, Martín & Ortega, Araceli, 2022. "Prioritizing public investment in agriculture for post-COVID-19 recovery: A sectoral ranking for Mexico," Food Policy, Elsevier, vol. 109(C).

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