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The School faculty consists of experts with a longstanding experience in designing, implementing, and reviewing CBA of infrastructure projects. Amongst the lecturers, there are experts involved in the preparation of the last edition of the Guide to Cost-Benefit Analysis of Investment Projects (adopted by the European Commission of DG REGIO since 1994), including the authors, technical advisors, and academic peer reviewers. Invited speakers come from EU institutions (e.g. Jaspers, DG Regio, INEA, etc.) and national governments and agencies.


Massimo Florio

Massimo Florio. Professor of Public Economics at the University of Milan, Honorary President and Chairman of CSIL and Board Member of the Society for Benefit-Cost Analysis. Since its first edition in 2011, he has been the Scientific Director of the Milan Summer School. He is one of the leading European experts in regional development and evaluation of public policies with extensive knowledge of EU policies. His main research interests are in applied welfare economics, cost-benefit analysis, regional policies, infrastructure and growth, regulation, privatisation, public enterprises, and in the socio-economic impact of science. He has lead evaluation research and advisory work for the European Commission (mainly DG Regional and Urban Policy), the European Parliament, the EIB, the OECD, the World Bank and other institutions including recently the CERN for a cost-benefit analysis of future large-scale particle accelerators. In fall 2019, he authored a new volume titled "Investing in Science: Social Cost-Benefit Analysis of research Infrastructures", published by the MIT Press, while his previous publications include the books "Applied Welfare Economics. Cost-Benefit Analysis of projects and policies" (Routledge) and “Network Industries and Social Welfare. The Experiment that Reshuffled European Utilities” (Oxford University Press 2013), and two edited books: “Infrastructure Finance in Europe. Insights into the History of Water, Transport and Telecommunications” (Oxford University Press 2016) and “The Economics of Infrastructure Provisioning. The Changing Role of the State” (the MIT Press 2015).

Silvia Vignetti

Silvia Vignetti. Director of the Evaluation Unit at CSIL. She is a CBA expert with experience in training as well as project appraisal and boasts a longstanding experience (20 years) in managing large scale, international and EU-wide, studies, (ex-ante, mid-term and ex-post) evaluations, impact assessments and feasibility studies. She was part of the team authoring the last three editions of the Guide to CBA of Investment Projects prepared on behalf of the DG Regio and advised the European Commission by reviewing the application forms of Italian major projects asking for EU co-financing in the transport and environment sector. She has broad training experience in CBA for civil servants and practitioners in Italy and abroad (e.g. Malta, Lithuania, Romania, Croatia, Slovenia, North Macedonia, Ghana). In the past, she also had teaching appointments at the University of Milan in Macroeconomics, Economics of European Integration and CBA. Silvia is currently coordinating the evaluation of investments in Research and Technological Development (RTD) infrastructures and activities supported by the ERDF in the period 2007-2013 on behalf of the European Commission’s DG REGIO. In the past three years, she led the international teams that completed the ex-post evaluations – including the performance of CBA - assessing the long-term contribution of selected major projects co-financed by ERDF and Cohesion Fund during 2000-2006 and 2007-2013 programming periods, in the fields of environment and transport. She is part of the team of the Horizon 2020 RI-PATHS project, focused on developing a model for assessing the socio-economic impact of Research Infrastructures. Recently, she worked at the evaluation of the future socio-economic impact of establishing a pan-European digital research infrastructure for heritage science (E–RIHS), a study that integrated into a unified analytical framework a CBA and a socio-economic impact assessment study, using narratives, scenarios and ad-hoc Key Performance Indicators. She provided technical assistance to the University of Milan, Department of Physics, developing guidelines and technical solutions for the harmonised collection of data on the cost of ESFRI Roadmap research infrastructures.

Chiara Pancotti

Chiara Pancotti. Partner at CSIL and adjunct Professor of CBA at the University of Milan (in the past she also had teaching appointments in applied welfare economics). She is an Economist, proficient in the principles and methods of cost-benefit analysis, and its application to infrastructural investments, especially in the environmental, cultural and RDI fields. In this context, she has gained experience providing technical assistance for the preparation of the cost-benefit analyses and application forms for request of co-financing with ERDF under the 2007-13 Operational Programmes of several major projects, including as part of the DG REGIO ex-post evaluations assessing the long-term contribution of major projects co-financed by the ERDF and Cohesion Fund during 2000-2006 and 2007-2013 programming periods in the field of transport and environmental major projects. She authored the last edition of the DG REGIO Guide and contributed to drafting the CBA methodological guidelines for the Government of Lithuania. Also, she has delivered training in the field of Cost-Benefit analysis to EU officials (e.g. Court of Auditors) as well as international and national audiences in various countries, including Malta, Lithuania, Slovenia and in the Republic of North Macedonia. Her expertise also includes financial analysis and business plans for infrastructure projects, as well as critical aspects of project appraisal systems, including considerations about the financial sustainability and project plan, and combination of private and private funding schemes.

Francesco Giffoni. Expert at CSIL and adjunct Professor of Cost-Benefit Analysis at the University of Milan. He is proficient in the principles and methods of CBA of urban development and regeneration projects. In 2019, he contributed to the international contest “Il parco del ponte” (The Bridge’s park), a project that developed a proposal for a new urban park in the neighbourhood of the new Morandi bridge in Genova, after its collapse in August 2018. Francesco was involved in the project as an expert in the socio-economic impact of the urban park. Over the years, he has been involved in several evaluations, research and analytical studies on behalf of the European Commission, the EIB, CERN and other international bodies. He worked on the ex-post evaluation assessing the long-term contribution of transport major projects co-financed by the ERDF and Cohesion Fund during the 2000-2006 and 2007-2013 programming periods. He recently contributed to an H2020 project (RI-PATHS) aimed to develop a model for the socio-economic impact assessment of research infrastructures, as well as to an evaluation of the future socio-economic impact of establishing a pan-European digital research infrastructure for heritage science (E-RIHS). Francesco is also proficient with the use of alternative evaluation methods (e.g. counterfactual analysis, Bayesian network analysis). He has been teaching assistant at the Department of Law and Economics at University La Sapienza, and visiting researcher at the Department of Regional Economics at the Erasmus University of Rotterdam.

Enrico Maria Bernardis. Director at Tplan Consulting Srl, and, since 2016, one of the lecturers of the Milan Summer School on Cost-Benefit Analysis. Enrico has multi-sector and multi-country experience in transport infrastructure and policy appraisal. He has acted as CBA expert for the development or review of more than 50 Cost-Benefit Analysis for transport projects in different European Countries (France, Greece, Hungary, Italy, Portugal, Spain, Turkey, United Kingdom) and transport modes (railways, metro and urban transport systems, ports and hinterland connections, road and airports). Enrico has good knowledge of a variety of national and international guidance and tools on economic appraisal for transport, such as the 2014 CBA Guide (EU, DG Regio), Blue Book (EU, Jaspers), and EIB Railpag (EU, EIB), the Notes on the Economic Evaluation of Transport Projects, 2005 (World Bank) and Treasury’s Green Book and WebTAG / Tuba (UK). INEA has appointed him as an evaluator of the CBAs included in the applications for funding under the Connecting Europe Facility. In addition to the annual lecture at the Milan Summer School on Cost-Benefit Analysis. Enrico provided training activities on the subjects of CBA and transport project evaluations for public administrations in Italy, Macedonia and Slovenia.

Matteo Pedralli. Expert at CSIL since 2018. He is proficient in the principles and methods of cost-benefit analysis, and its application to infrastructural/investment projects. He carried out various CBA of investment projects, particularly within the ex-post evaluation of major projects supported ERDF and Cohesion Fund between 2000 and 2013; and he has also contributed to the Mid-term evaluation of the JASPERS initiative in 2014-2020 and to a study to improve Transport Project Appraisals in the Islamic Countries. Matteo completed the bilingual post-graduate Master at the College of Europe in European Political and Governance Studies, with a thesis on administrative capacity building in cohesion policy. He has previous work experience in the field of cohesion policy as a consultant for public administrations at Ernst&Young, where for two years he worked for different clients providing technical assistance for National Operational Programmes co-financed by ERDF.

Alessandra Caputo. Expert at CSIL since 2017, after an internship at the OECD. Alessandra is experienced in the principles and methods of CBA and has gained much experience in Cost-Benefit Analysis of infrastructure and industrial projects. She is currently involved in the Evaluation of EIB support to Urban Mobility in EU-28 (for the European Investment bank), while in the past she worked at the ex-post evaluation assessing the long term contribution of selected major projects co-financed by the ERDF and Cohesion Fund during 2000-2006 and 2007-2013 programming periods, contributing to a case study on urban transport. She has also contributed to the development of guidelines for cost-benefit analysis (ex-ante, in itinere or ex-post) for projects on electricity networks. She is also skilled in the econometric and counterfactual analysis, network and cluster analysis, patent and company data analysis. Alessandra holds a Master of Science Degree in Economics from Bocconi University and further improved her expertise in network economics through her participation at the Summer School in Economic networks held by the University of Oxford (Oxford Martin School & Mathematical Institute).

Jessica Catalano

Gelsomina Catalano. Partner and Senior Economist at CSIL. In the past, she has also been Adjunct Professor of Regional Economics and Policy at the University of Milan. She is specialised in financial, economic and risk analyses of infrastructural projects. She has gained training experiences in this field by holding seminars to civil servants in Italy and undergraduates students at the University of Milan. She has recently been involved in the Evaluation of EIB support to Urban Mobility in EU-28 (for the European Investment bank), provided economic and financial consultancy - including a CBA -  for a project of European interest aimed at the creation of coordination and control digital tools for light infrastructures in Northern Italy, and also contributed to the cost-benefit analysis of the Large Hadron Collider at CERN in the framework of the research programme sponsored by the European Investment Bank Institute. In the past, she carried out ex-post CBA of transport projects and co-authored the last edition of the EC Guide to Cost-Benefit Analysis.  She is currently working to an H2020 project (RI-PATHS) aimed to develop a model describing the socio-economic impacts of research infrastructures.



This list will be updated in due course with additional Lecturers
(to be confirmed).


A well-established tool for supporting the decision-making process. The cost-benefit analysis has gained a lot of ground for the assessment of investments ‘desirability and sustainability’. In several countries, it is embedded in the national public investment system.

Prime competencies and expertise. Trainers are leading experts in cost-benefit analysis. The faculty includes academics and consultants boasting more than 20 years of experience in preparing and reviewing cost-benefit analyses.

Practice-oriented approach. You will attend face-to-face lectures but also hands-on workshops to practice CBA applications. You will be engaged in active participation at each stage of the course, including discussion of real-life cases with lecturers and representative of EU and national authorities.

Learning interactively and supported. A tutor will guide you since the first day of the course by providing continuous feedback and support during the hands-on workshops.

You get knowledge of CBA application at general, sectoral and country level. You will be introduced to the main principles and steps to carry out CBA, the typical benefits to consider by sector and the techniques used most frequently to evaluate them and country applications, learning about the variability of CBA principles and rules.

Networking and sharing of experiences. You will meet participants with different backgrounds (institutional, private sector, academia) from all over the world, bringing different experiences of CBA applications. At the end of each day, social/cultural events will foster informal networking.

Opt for the best solution for you. Adjust your attendance duration on the basis of your availability and interest. Four options are available: i) a full course (5 days); ii) 3 days (on general principles and methods of the CBA); iii) 4 days (including an additional day on sectoral applications); iv) a one day seminar to learn on CBA application in different institutional and policy settings.

Wide CBA community. You will become part of a vast community of more than 400 Alumni. This year, a unique event will celebrate the 10th edition of the CBA Summer School.

Suggested readings

cba guide
Download the Guide
[ PDF required].

Massimo Florio, Applied Welfare Economics. Cost-Benefit Analysis of projects and policies, Routledge, February 2014

The book is now available at amazon.com for purchase.