The new M4 subway line will connect the centre of Milan with the East (Forlanini and Linate Airport) and the West (Lorenteggio and San Cristoforo Station) areas of the City. This defines an important strategic infrastructure project that will increase the network and the rhythm of development of the City. It has been estimated that by mid-2022, the underground system in Milan will represent the sixth in Europe. The application of an economic assessment methodology is essential in relation to public decision making, for this reason it has been decided to apply Cost- Benefit Analysis, in order to evaluate the realization under financial, economic and social aspects. The technique defines a powerful tool based on the quantification in monetary terms of costs and benefits, considering as aim the community’s welfare. After having analysed the important economic concepts related to the method, the context has been examined taking into consideration also the probable negative and positive externalities produced by the project. An assumption-based approach has been adopted and it has been verified that, although the total costs of the project are high, they are overcome by the total benefits. It has been possible to calculate the Net Present Value, as consequence of a fundamental discount process and it has been confirmed the real convenience of the investment. In conclusion, M4 line will allow to produce a wide set of economic-social benefits on the community. In particular, the new subway will represent an efficient and faster public mean in Milan, it will permit travel time savings, drop of road accidents, pollution decrease and growth of Real Estate wealth in proximity of M4 stations.
La nuova linea della metropolitana M4 collegherà il centro di Milano con le aree est (Quartiere Forlanini e Aeroporto di Linate) e Ovest (Quartiere Lorenteggio e Stazione di San Cristoforo) della città. La nuova M4 rappresenta un importante progetto di infrastruttura strategica che incrementerà la rete e il ritmo di sviluppo di Milano. È stato stimato che entro la metà del 2022 il servizio metropolitano di Milano rappresenterà il sesto in Europa. L'applicazione di una metodologia di valutazione economica è essenziale in relazione al processo decisionale pubblico, per questo motivo è stato deciso di applicare l' Analisi Costi-Benefici, al fine di valutare la possibile realizzazione sotto gli aspetti di tipo finanziario, economico e sociale. Questa tecnica di valutazione definisce un potente strumento basato sulla quantificazione in termini monetari di costi e benefici, considerando come obiettivo il benessere della società. Dopo aver analizzato gli importanti concetti economici connessi al metodo, il contesto è stato studiato esaminando anche le probabili esternalità negative e positive prodotte dal progetto. È stato adottato un approccio basato su ipotesi ed è stato verificato che, sebbene i costi totali siano elevati, essi vengono superati dai benefici totali. È stato possibile calcolare il valore attuale netto, come conseguenza a un fondamentale processo di sconto ed è stata confermata la reale convenienza dell'investimento. In conclusione, la linea M4 consentirà di produrre un’ampia serie di benefici economico-sociali sulla comunità. In particolare, la linea rappresenterà un mezzo pubblico efficiente e più veloce a Milano, essa consentirà risparmi di tempo sui viaggi, calo degli incidenti stradali, diminuzione dell'inquinamento e crescita della ricchezza del patrimonio immobiliare in prossimità delle stazioni M4.
M4 line : a large investment for a wide set of ewconomic-social benefits in Milan. Cost-benefit analysis of the infrastructure project
De LUCA, SIMONA
2016/2017
Abstract
The new M4 subway line will connect the centre of Milan with the East (Forlanini and Linate Airport) and the West (Lorenteggio and San Cristoforo Station) areas of the City. This defines an important strategic infrastructure project that will increase the network and the rhythm of development of the City. It has been estimated that by mid-2022, the underground system in Milan will represent the sixth in Europe. The application of an economic assessment methodology is essential in relation to public decision making, for this reason it has been decided to apply Cost- Benefit Analysis, in order to evaluate the realization under financial, economic and social aspects. The technique defines a powerful tool based on the quantification in monetary terms of costs and benefits, considering as aim the community’s welfare. After having analysed the important economic concepts related to the method, the context has been examined taking into consideration also the probable negative and positive externalities produced by the project. An assumption-based approach has been adopted and it has been verified that, although the total costs of the project are high, they are overcome by the total benefits. It has been possible to calculate the Net Present Value, as consequence of a fundamental discount process and it has been confirmed the real convenience of the investment. In conclusion, M4 line will allow to produce a wide set of economic-social benefits on the community. In particular, the new subway will represent an efficient and faster public mean in Milan, it will permit travel time savings, drop of road accidents, pollution decrease and growth of Real Estate wealth in proximity of M4 stations.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/140407