What are you expected to do?
Write a critical essay that answers one of the following questions:
Question 1: "Conventional cost-benefit analysis (CBA) has been criticised for failing to capture the full economic value of city-shaping infrastructure. To what extent does the inclusion of Wider Economic Benefits (WEBs) address these limitations? Critically assess the strengths and weaknesses of this approach in supporting public investment decisions."
Guidance for how you might develop your essay:
● Outline the structure and assumptions of traditional CBA in urban infrastructure assessment.
● Explain the concept of WEBs and their intended purpose (e.g. agglomeration effects, labour market impacts).
● Critically assess methodological, distributional, and accountability concerns.
● Evaluate whether WEBs improve decision-making or introduce new forms of bias or complexity.
● Use relevant case studies to illustrate your analysis (e.g. UK HM Treasury Green Book, ATAP frameworks).