Highway Benefits: An Analytical Framework

THE NATURE AND MEASUREMENT ARE DESCRIBED OF HIGHWAY BENEFITS AND HOW THEIR MAGNITUDE AND DISTRIBUTION ARE AFFECTED BY ALTERNATIVE FINANCING SYSTEMS. A GENERAL THEORY OF THE NATURE AND MEASUREMENT OF HIGHWAY INVESTMENT BENEFITS IS PRESENTED. THE AFFECTS OF ALTERNATIVE HIGHWAY FINANCING SYSTEMS ARE EXPLORED ON BOTH THE MAGNITUDE OF HIGHWAY BENEFITS AND THEIR DISTRIBUTION AMONG POPULATION MEMBERS. SOME RECENTLY DEVELOPED ANALYTICAL TOOLS ARE DISCUSSED WHICH HOLD PROMISE FOR MEASURING THE BENEFITS OF HIGHWAYS TO THE ECONOMY AS A WHOLE AND TO SPECIFIC BENEFICIARY GROUPS. EXISTING HIGHWAY IMPACT RESEARCH IS DESCRIBED. THE THEORETICAL AND EMPIRICAL PROBLEMS ARE ANALYZED IN DERIVING NET BENEFIT MEASURES FROM ONE FREQUENTLY DISCUSSED RAMIFICATION OF HIGHWAY INVESTMENTS--THEIR EFFECT ON LAND VALUES.