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Public Investment Criteria - Using an Interregional Input-Output Programming Model (Hardcover, 1st ed. 2022)
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Public Investment Criteria - Using an Interregional Input-Output Programming Model (Hardcover, 1st ed. 2022)
Series: New Frontiers in Regional Science: Asian Perspectives, 2
Expected to ship within 10 - 15 working days
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This volume presents the most robust and useful methodology for the
derivation of investment criteria for the evaluation and planning
of public investment projects - public investment criteria. The
methodological approach solves inherent defects of traditional
methodology, namely an ad hoc application of the benefit-cost
analysis in the static content. Although this approach originated
in the water resources development project of the Harvard group,
the authors' methodology has achieved a discrete and dynamic inter
regional input-output programming model by which: (i) establishment
of priorities among potential investment targets by taking account
of economic benefits that are brought by implementation of a set of
selected projects, and diffusing into the whole national economy,
and (ii) rational allocation of limited public funds to the
selected investment projects are consistently made, based on the
opportunity cost criteria in the dynamic content. As these benefits
make up a source for the stream of further created capital funds
for public as well as private sectors over the planning time
horizon, optimal re-investment of thus created capital funds are
solved recursively in the endogenous model by approaching the
turnpike path of the whole national economy. As an optimal
solution, the allocated levels for trunk expressway network as well
as for other transport facilities, which are balanced with the
allocation for industrial capital formation, are obtained by period
and by region. In the background of these processes, the imputed
price and opportunity costs as a sort of contemporary "god" are
always latent. Readers with basic mathematical knowledge will learn
functional and practical meaning of the opportunity costs (and the
imputed price) in the evaluation and planning of investment.
Conquering this small obstacle will be a source of strong
self-confidence for society, a worthwhile objective. Other
applications of the methodology are also included in this book,
which is helpful for practitioners frequently using the feasibility
study method as well as experts who wish to understand the
theoretical arguments related to public investment criteria. As one
of the applications, there is a numerical solution of a composite
transport system in which the amounts of roads, railways, and ports
are derived quantitatively, not qualitatively. These are results of
authentic public investment criteria that are built in the
inter-regional input-output programing model.
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