Integrating hard-to-measure externalities into the evaluation of local economic development projects

Daniel Felsenstein*, Joseph Persky, Wim Wiewel

*Corresponding author for this work

Research output: Contribution to journalReview articlepeer-review

5 Scopus citations

Abstract

This paper seeks to illustrate that within a systematic and reproducible evaluation framework there is room for subjective inputs based on local experience and knowledge. A spreadsheet model for evaluating economic development projects is presented which also evaluates 'neighbourhood spillover impacts' generated by local economic development projects. These spillover effects - visual impacts in the neighbourhood, investor confidence and so on - are classified and characterised and a quantitative index is constructed in order to gauge the magnitude of their impact. Two hypothetical case studies are presented to suggest the trade-offs between monetary benefits and neighbourhood effects.

Original languageAmerican English
Pages (from-to)55-79
Number of pages25
JournalTown Planning Review
Volume68
Issue number1
DOIs
StatePublished - Jan 1997

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