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SHRP2 EconWorks : wider economic benefits analysis tools : final report.
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2016-01-01
[PDF-1.25 MB]
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Edition:Final report
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Abstract:CDM Smith has completed an evaluation of the EconWorks Wider Economic Benefits (W.E.B.)
Analysis Tools for Connecticut Department of Transportation (CTDOT). The intent of this
evaluation was to compare the results of the outputs of this toolkit to ostensibly similar results
derived from the TREDIS economic impact model. As the review of the W.E.B. analysis tools
progressed, it became evident that the detailed analysis completed by the project team using
TREDIS and the statewide travel demand model and the W.E.B. analysis tools were not comparable.
The reasons for this are:
- The W.E.B. tools do not produce benefit cost calculations but rather attempt to capture
dimensions of impacts which are relatively new to practitioners, without regard to a
comparison of benefits and costs or a complete economic impact analysis.
- The W.E.B. tools analyze reliability, accessibility and productivity, but the implementations of
these impacts (the specific formulas used) are different than those found in TREDIS.
- In order to complete the evaluation of the W.E.B. tools in a timely manner and to cover as
many of tools as possible, the project team limited the analysis to one or at most two time
periods, and a single year evaluation. TREDIS produces discounted year by year results as
part of the benefit/cost analysis; EconWorks W.E.B. does not apply a discount factor.
The team completed the review for several of the tools and several projects, focusing on the ease of
use, utility and functionality of the tools. This report documents this review.
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