IDEAS home Printed from https://ideas.repec.org/a/eee/jotrge/v119y2024ics0966692324001613.html
   My bibliography  Save this article

Access-based cost-benefit analysis

Author

Listed:
  • Mann, Isaac
  • Levinson, David M.

Abstract

Current methods of cost-benefit analysis (CBA) for transport investments rely on travel-time savings for potential users. This approach presents a consistent and significant historical trend of forecast inaccuracy, and thus has been questioned and criticized. Access, or the ease of reaching valued destinations, can be used as an alternative. Access features a strong correlation with land value which can be measured through hedonic analysis, and subsequently, access gains offered by a transport initiative can be monetised via property uplift. We test this hypothesis and evaluate Sydney's South West Metro Link (SWML).

Suggested Citation

  • Mann, Isaac & Levinson, David M., 2024. "Access-based cost-benefit analysis," Journal of Transport Geography, Elsevier, vol. 119(C).
    • Handle: RePEc:eee:jotrge:v:119:y:2024:i:c:s0966692324001613
    DOI: 10.1016/j.jtrangeo.2024.103952
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0966692324001613
    Download Restriction: no
    File URL: https://libkey.io/10.1016/j.jtrangeo.2024.103952?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Parthasarathi, Pavithra & Levinson, David, 2010. "Post-construction evaluation of traffic forecast accuracy," Transport Policy, Elsevier, vol. 17(6), pages 428-443, November.
    2. Jonas Eliasson, 2020. "Reconciling Accessibility Benefits with User Benefits," International Transport Forum Discussion Papers 2020/21, OECD Publishing.
    3. Amarin Siripanich & Taha Hossein Rashidi & Emily Moylan, 2019. "Interaction of Public Transport Accessibility and Residential Property Values Using Smart Card Data," Sustainability, MDPI, vol. 11(9), pages 1-24, May.
    4. Eugene F. Brigham, 1965. "The Determinants of Residential Land Values," Land Economics, University of Wisconsin Press, vol. 41(4), pages 325-334.
    5. Mulley, Corinne & Ma, Liang & Clifton, Geoffrey & Yen, Barbara & Burke, Matthew, 2016. "Residential property value impacts of proximity to transport infrastructure: An investigation of bus rapid transit and heavy rail networks in Brisbane, Australia," Journal of Transport Geography, Elsevier, vol. 54(C), pages 41-52.
    6. He, Sylvia Y., 2020. "Regional impact of rail network accessibility on residential property price: Modelling spatial heterogeneous capitalisation effects in Hong Kong," Transportation Research Part A: Policy and Practice, Elsevier, vol. 135(C), pages 244-263.
    7. Graham, Daniel J. & Gibbons, Stephen, 2019. "Quantifying Wider Economic Impacts of agglomeration for transport appraisal: Existing evidence and future directions," Economics of Transportation, Elsevier, vol. 19(C), pages 1-1.
    8. Carlos Oliveira Cruz & Joaquim Miranda Sarmento, 2020. "Traffic forecast inaccuracy in transportation: a literature review of roads and railways projects," Transportation, Springer, vol. 47(4), pages 1571-1606, August.
    9. Michael Iacono & David Levinson, 2017. "Accessibility dynamics and location premia: Do land values follow accessibility changes?," Urban Studies, Urban Studies Journal Limited, vol. 54(2), pages 364-381, February.
    10. Wang, Yadi & Levinson, David, 2022. "Time Savings vs. Access-Based Benefit Assessment of New York’s Second Avenue Subway," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 13(1), pages 120-147, March.
    11. Schouten, Andrew & Kawano, Yoh, 2024. "COVID-19 and the demand for transit access: Residential real estate prices in the Tokyo metropolitan area," Journal of Transport Geography, Elsevier, vol. 114(C).
    12. Herbert Mohring, 1961. "Land Values and the Measurement of Highway Benefits," Journal of Political Economy, University of Chicago Press, vol. 69(3), pages 236-236.
    13. Pereira, Rafael H.M., 2019. "Future accessibility impacts of transport policy scenarios: Equity and sensitivity to travel time thresholds for Bus Rapid Transit expansion in Rio de Janeiro," Journal of Transport Geography, Elsevier, vol. 74(C), pages 321-332.
    14. Cláudia A.Soares Machado & Mariana A. Giannotti & Juliana A. Kolling & Luiz A. Manfré & Eunice Barbosa & José Alberto Quintanilha, 2013. "Transportation System And Land Price: An Investigation About Its Relationship Based On Spatial Analysis," LARES lares_2013_784-1003-1-rv, Latin American Real Estate Society (LARES).
    15. Merlin, Louis A. & Levine, Jonathan & Grengs, Joe, 2018. "Accessibility analysis for transportation projects and plans," Transport Policy, Elsevier, vol. 69(C), pages 35-48.
    16. Cervero, Robert & Kang, Chang Deok, 2011. "Bus rapid transit impacts on land uses and land values in Seoul, Korea," Transport Policy, Elsevier, vol. 18(1), pages 102-116, January.
    17. Rafiq, Rezwana & McNally, Michael G. & Sarwar Uddin, Yusuf & Ahmed, Tanjeeb, 2022. "Impact of working from home on activity-travel behavior during the COVID-19 Pandemic: An aggregate structural analysis," Transportation Research Part A: Policy and Practice, Elsevier, vol. 159(C), pages 35-54.
    18. Dubé, Jean & Thériault, Marius & Des Rosiers, François, 2013. "Commuter rail accessibility and house values: The case of the Montreal South Shore, Canada, 1992–2009," Transportation Research Part A: Policy and Practice, Elsevier, vol. 54(C), pages 49-66.
    19. Yuchen Zhou & Yuhong Tian & Chi Yung Jim & Xu Liu & Jingya Luan & Mengxuan Yan, 2022. "Effects of Public Transport Accessibility and Property Attributes on Housing Prices in Polycentric Beijing," Sustainability, MDPI, vol. 14(22), pages 1-16, November.
    20. Das, Sanhita & Boruah, Alice & Banerjee, Arunabha & Raoniar, Rahul & Nama, Suresh & Maurya, Akhilesh Kumar, 2021. "Impact of COVID-19: A radical modal shift from public to private transport mode," Transport Policy, Elsevier, vol. 109(C), pages 1-11.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Liu, Xueli & Jiang, Chunxia & Wang, Feng & Yao, Shujie, 2021. "The impact of high-speed railway on urban housing prices in China: A network accessibility perspective," Transportation Research Part A: Policy and Practice, Elsevier, vol. 152(C), pages 84-99.
    2. Zolnik, Edmund, 2021. "Geographically weighted regression models of residential property transactions: Walkability and value uplift," Journal of Transport Geography, Elsevier, vol. 92(C).
    3. Rémy Le Boennec & Julie Bulteau & Thierry Feuillet, 2022. "The role of commuter rail accessibility in the formation of residential land values: exploring spatial heterogeneity in peri-urban and remote areas," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 69(1), pages 163-186, August.
    4. D'Elia, Vanesa Valeria & Grand, Mariana Conte & León, Sonia, 2020. "Bus rapid transit and property values in Buenos Aires: Combined spatial hedonic pricing and propensity score techniques," Research in Transportation Economics, Elsevier, vol. 80(C).
    5. Sangwan Lee & Liming Wang, 2022. "Intermediate Effect of the COVID-19 Pandemic on Prices of Housing near Light Rail Transit: A Case Study of the Portland Metropolitan Area," Sustainability, MDPI, vol. 14(15), pages 1-17, July.
    6. Beaudoin, Justin & Tyndall, Justin, 2023. "The effect of bus rapid transit on local home prices," Research in Transportation Economics, Elsevier, vol. 102(C).
    7. Garcia-López, Miquel-Àngel & Gómez-Hernández, Luz Yadira, 2024. "Housing prices, buses and trams in Medellín (Colombia)," Research in Transportation Economics, Elsevier, vol. 106(C).
    8. Dubé, Jean & Legros, Diègo & Devaux, Nicolas, 2018. "From bus to tramway: Is there an economic impact of substituting a rapid mass transit system? An empirical investigation accounting for anticipation effect," Transportation Research Part A: Policy and Practice, Elsevier, vol. 110(C), pages 73-87.
    9. Tobias Pfutze & Carlos Rodríguez-Castelán & Daniel Valderrama, 2023. "Urban transport infrastructure and household welfare: evidence from Colombia," Empirical Economics, Springer, vol. 65(3), pages 1409-1432, September.
    10. Dubé, Jean & Andrianary, Eugénie & Assad-Déry, François & Poupart, Janie & Simard, Justine, 2018. "Exploring difference in value uplift resulting from new bus rapid transit routes within a medium size metropolitan area," Journal of Transport Geography, Elsevier, vol. 72(C), pages 258-269.
    11. Zhong, Haotian & Li, Wei, 2016. "Rail transit investment and property values: An old tale retold," Transport Policy, Elsevier, vol. 51(C), pages 33-48.
    12. Gjestland, Arnstein & McArthur, David Philip & Osland, Liv & Thorsen, Inge, 2014. "The suitability of hedonic models for cost-benefit analysis: Evidence from commuting flows," Transportation Research Part A: Policy and Practice, Elsevier, vol. 61(C), pages 136-151.
    13. Filippova, Olga & Sheng, Mingyue, 2020. "Impact of bus rapid transit on residential property prices in Auckland, New Zealand," Journal of Transport Geography, Elsevier, vol. 86(C).
    14. Mitra, Suman K. & Saphores, Jean-Daniel M., 2016. "The value of transportation accessibility in a least developed country city – The case of Rajshahi City, Bangladesh," Transportation Research Part A: Policy and Practice, Elsevier, vol. 89(C), pages 184-200.
    15. Fragoso Januário, João & Costa, Álvaro & Oliveira Cruz, Carlos & Miranda Sarmento, Joaquim & Faria e Sousa, Vítor, 2021. "Transport infrastructure, accessibility, and spillover effects: An empirical analysis of the Portuguese real estate market from 2000 to 2018," Research in Transportation Economics, Elsevier, vol. 90(C).
    16. Zhao, Pengjun & Yang, Hanzi & Kong, Lu & Liu, Yunshu & Liu, Di, 2018. "Disintegration of metro and land development in transition China: A dynamic analysis in Beijing," Transportation Research Part A: Policy and Practice, Elsevier, vol. 116(C), pages 290-307.
    17. Zhang, Min & Yen, Barbara T.H. & Mulley, Corinne & Sipe, Neil, 2020. "An investigation of the open-system Bus Rapid Transit (BRT) network and property values: The case of Brisbane, Australia," Transportation Research Part A: Policy and Practice, Elsevier, vol. 134(C), pages 16-34.
    18. Liang, Cong & Huang, Yaoxuan & Yip, Tsz Leung & Li, Victor Jing, 2022. "Does rail transit development gentrify neighborhoods? Evidence from Hong Kong," Transportation Research Part A: Policy and Practice, Elsevier, vol. 155(C), pages 354-372.
    19. Yakubu Suleiman & Adeyemi Ajayi & Sule Abass & Ogunbajo Rukaiyyat, 2020. "The Relationship Between Road Infrastructure Budgetary Expenditures and Commercial Property Investment Returns. Case Study of Fadikpe Area Minna, Nigeria," Baltic Journal of Real Estate Economics and Construction Management, Sciendo, vol. 8(1), pages 187-196, January.
    20. Rennert, Lindiwe, 2022. "A meta-analysis of the impact of rail stations on property values: Applying a transit planning lens," Transportation Research Part A: Policy and Practice, Elsevier, vol. 163(C), pages 165-180.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jotrge:v:119:y:2024:i:c:s0966692324001613. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: https://www.journals.elsevier.com/journal-of-transport-geography .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.