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Cost-benefit analysis of infrastructure projects in an enlarged European Union: an incentive-oriented approach.

May 2003
Draft-comments are welcome

Keywords: Cost-benefit analysis, Project Evaluation, Structural Funds, European Regional Policy
JEL Numbers: D61, H43, R58

ABSTRACT
The purpose of the paper is to analyse some results of cost-benefit analysis in a sample of ISPA (Structural Instrument for pre-accession countries) projects. The focus is particularly on the variability of financial and economic rates of return and how to integrate this information in the EU co-financing mechanism. We investigate, through the analysis of variance of co-financing rate, to which extent variability of rates is due to structural characteristics (sectors, countries) or to the existence of a residual variance due both to specificity of the project and discretional element of the appraisal method, which may constitute an information noise. We find that the variance of co-financing......

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Approximate Word Count: 10028
Approximate Pages: 41 (250 words per double-spaced page)

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