This thesis provides an in-depth economic assessment of the Frederick Douglass Memorial Bridge, a prominent public infrastructure project, through the lens of cost benefit analysis (CBA). The study aims to help understand the economic impacts of large-scale public projects by using this iconic bridge project as a case study to measure the success of the project over a 50-year reference life. The study utilized a CBA approach to systematically evaluate the costs and benefits associated with bridge construction and the subsequent impacts on the community and economy. By integrating monetary and non-monetary factors, the analysis explores the direct and indirect impacts of the project, including transportation efficiency improvements, air quality factors, and socioeconomic dynamics. For this purpose, the hedonic price method (HPM) was also used and its results were incorporated into the cost benefit analysis. The Frederick Douglass Memorial Bridge is a through arch bridge over the Anacostia River in Washington, D.C., connecting to South Capitol Street. Since the bridge was completed and opened to traffic in 2021, replacing an older flat turnaround bridge that was completed in 1950, the economic assessment was an ex-post facto evaluation in the context of the project. Throughout the economic assessment of the project, two scenarios were evaluated: a reconstruction case, in which the old bridge continued to be used for capacity, and a non-reconstruction case, in which future capacity was projected from recorded usage data after the new bridge was rebuilt. The results showed that in both cases the Frederick Douglass Memorial Bridge was unprofitable in the financial analysis, and that in the economic analysis the NPV of the reconstruction case was positive, with an increase in social welfare, while the NPV of the non-reconstruction case was negative.
Questa tesi fornisce una valutazione economica approfondita del Frederick Douglass Memorial Bridge, un importante progetto di infrastruttura pubblica, attraverso la lente dell'analisi costi-benefici (ACB). Lo studio si propone di aiutare a comprendere gli impatti economici dei progetti pubblici su larga scala, utilizzando questo iconico progetto di ponte come caso di studio per misurare il successo del progetto su una vita utile di 50 anni. Lo studio ha utilizzato un approccio ACB per valutare sistematicamente i costi e i benefici associati alla costruzione del ponte e il conseguente impatto sulla comunità e sull'economia. Integrando fattori monetari e non monetari, l'analisi esplora gli impatti diretti e indiretti del progetto, compresi i miglioramenti dell'efficienza dei trasporti, i fattori di qualità dell'aria e le dinamiche socioeconomiche. A tal fine, è stato utilizzato anche il metodo dei prezzi edonici (HPM), i cui risultati sono stati incorporati nell'analisi costi-benefici. Il Frederick Douglass Memorial Bridge è un ponte ad arco passante sul fiume Anacostia a Washington, D.C., che si collega a South Capitol Street. Poiché il ponte è stato completato e aperto al traffico nel 2021, in sostituzione di un vecchio ponte piatto girevole completato nel 1950, la valutazione economica è stata una valutazione ex-post facto nel contesto del progetto. Nel corso della valutazione economica del progetto, sono stati valutati due scenari: un caso di ricostruzione, in cui il vecchio ponte ha continuato a essere utilizzato per la capacità, e un caso di non ricostruzione, in cui la capacità futura è stata proiettata dai dati di utilizzo registrati dopo la ricostruzione del nuovo ponte. I risultati hanno mostrato che in entrambi i casi il Frederick Douglass Memorial Bridge non era redditizio nell'analisi finanziaria e che nell'analisi economica il VAN del caso di ricostruzione era positivo, con un aumento del benessere sociale, mentre il VAN del caso di non ricostruzione era negativo.
Economic assessment of public projects through cost-benefit analysis : a case study on Frederick Douglass Memorial Bridge
Lei, Lin
2023/2024
Abstract
This thesis provides an in-depth economic assessment of the Frederick Douglass Memorial Bridge, a prominent public infrastructure project, through the lens of cost benefit analysis (CBA). The study aims to help understand the economic impacts of large-scale public projects by using this iconic bridge project as a case study to measure the success of the project over a 50-year reference life. The study utilized a CBA approach to systematically evaluate the costs and benefits associated with bridge construction and the subsequent impacts on the community and economy. By integrating monetary and non-monetary factors, the analysis explores the direct and indirect impacts of the project, including transportation efficiency improvements, air quality factors, and socioeconomic dynamics. For this purpose, the hedonic price method (HPM) was also used and its results were incorporated into the cost benefit analysis. The Frederick Douglass Memorial Bridge is a through arch bridge over the Anacostia River in Washington, D.C., connecting to South Capitol Street. Since the bridge was completed and opened to traffic in 2021, replacing an older flat turnaround bridge that was completed in 1950, the economic assessment was an ex-post facto evaluation in the context of the project. Throughout the economic assessment of the project, two scenarios were evaluated: a reconstruction case, in which the old bridge continued to be used for capacity, and a non-reconstruction case, in which future capacity was projected from recorded usage data after the new bridge was rebuilt. The results showed that in both cases the Frederick Douglass Memorial Bridge was unprofitable in the financial analysis, and that in the economic analysis the NPV of the reconstruction case was positive, with an increase in social welfare, while the NPV of the non-reconstruction case was negative.File | Dimensione | Formato | |
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2023_12_Lin Lei.pdf
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https://hdl.handle.net/10589/215176