Comparing the output of cost benefit and multi-criteria analysis - An application to urban transport investments

This work compares the outcome of Cost Benefit Analysis and a Multi-Criteria method when applied to a transport project. The Analytic Hierarchy Process was used, utilising two approaches to derive the weights. Results show that the outcome of the Multi-Criteria method did not match the one suggested by the Cost Benefit Analysis, but it did match the final decision by the authority. An important conclusion has to do with the relevance of incorporating other aspects into the assessment, apart from the economic ones. Furthermore, public opinion should be taken into account explicitly into the decision making, providing accurate and timely information about projects. (c) 2005 Elsevier Ltd. All rights reserved.