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The School faculty consists of experts from the team involved in the preparation of the new edition of the Guide to Cost Benefit Analysis of Investment Projects, including its authors, technical advisors and academic peer reviewers. In particular, the Scientific Director of the School, Professor Massimo Florio, has been involved as author and scientific coordinator of all the five editions of the CBA Guide adopted by the DG Regional and Urban Policy since 1994. All lecturers boast an extensive and hands-on experience in the design, implementation and review of infrastructural projects.

Massimo Florio

Massimo Florio. Professor of Public Economics at the University of Milan, Honorary President and Chairman of the Scientific Committee of CSIL and Board Member of the Society for Benefit-Cost Analysis. 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, privatization, public enterprises, 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. Since 2011, he has been the Scientific Director of the Milan Summer School. Amongst his recent publications, there is Applied Welfare Economics. Cost-Benefit Analysis of projects and policies, Routledge (2014).

Ugo Finzi

Ugo Finzi. Member of the Scientific Committee and Senior Advisor at CSIL. He has more than 45 years of international experience in cost benefit analysis applied to development projects and programs. He holds degrees from Politecnico di Milano (industrial engineering) and from Bocconi University (business administration). He lives in Washington, DC, where he has held several staff and management positions at the World Bank, dealing with a broad range of sectors and regions (Latin America, Eastern Europe, Middle east and Asia). His professional experience covers energy, industry, municipal services, assistance to development of small and medium enterprises, global sector and market studies. He has taught project evaluation worldwide.

Gianni Carbonaro

Gianni Carbonaro. Member of the Scientific Committee of CSIL. Former Head of the Municipal and Regional Unit, Advisory Services Department, European investment Bank (EIB). Research interests and professional experience have covered urban and regional economics, transportation analysis, infrastructure policy, cost-benefit analysis, European transportation networks, housing policy and finance, and the interface between urban development and property markets. At the at the EIB, Mr Carbonaro has worked in multi-professional teams covering the economic and financial assessment of large-scale infrastructure projects (urban transport systems, motorways, railways, toll infrastructure) and urban development, within both the European Union and the partner countries.

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. She was part of the team authoring the last three editions of the Guide to Cost-benefit Analysis of Investment Projects prepared on behalf of the DG Regional and Urban Policy, and advised the European Commission by reviewing the application forms of Italian major projects in the transport and environment sector asking for co-financing. She has several training experience in Cost-Benefit Analysis for civil servants and practitioners in Italy and abroad (e.g. Lithuania, Romania, Croatia, Slovenia, FYROM, Ghana). Recently, she has been project coordinator of a research project funded by the EIB Institute and carried out by CSIL in partnership with the University of Milan on developing a CBA model to assess the socio-economic impact in the Research, Development and Innovation sector.

Gerard de Jong

Gerard de Jong. Research Professor at the Institute for Transport Studies of the University of Leeds and Director at Significance BV (based in the Netherlands). He did his MSc in Spatial Economics and PhD in Econometrics in 1989. He has been working in transport research ever since. He has worked on many passenger and freight transport models in European countries and on project appraisal and the evaluation of non-monetary effects (e.g. time, travel time reliability, safety) for national authorities and the European Investment Bank. He worked on the EU projects TRACE, EXPEDITE, SUMMA, POET, HEATCO, ETIS, TRANSTOOLS-3 and HIGH-TOOL. He is regularly asked to do peer reviews and audits and has contributed to several guidebooks/handbooks for project appraisal (e.g. in The Netherlands, and for JASPERS). Also he has written various overview articles (including meta-analyses), especially on elasticities, values of travel time and of reliability

Davide Sartori

Davide Sartori. CBA specialist at the European Investment Bank, JASPERS – Networking and Competence Centre. He is an expert in appraisal of development projects and in financial, economic and risk analysis of infrastructure investments. As former senior Economist at CSIL, he is the lead author of the last edition of the EU Guide to Cost-benefit Analysis of Investment Projects. In the last years, he was appointed by several International Financing Institutions (European Commission, World Bank, European Investment Bank and African Development Bank) to appraise and/or evaluate their projects. He has also been carrying out trainings on cost-benefit analysis targeting officials of the EU, national and regional institutions (e.g. in Italy, Romania, Lithuania, FYROM, etc.), as well as graduate students. On regular basis, he is visiting professor at EIPA, European Institute of Public Administration (Barcelona).

Paul Riley, Senior Transport Sector Specialist at the European Investment Bank, JASPERS Advisory. He is an expert in transport planning and economic analysis with over 20 years practical experience in the area of EU funding and research. During 15 years based in the Czech Republic as an international consultant he helped develop, managed or appraised numerous transport CBAs, feasibility studies and transport models and participated in the development of several related methodologies and guidance documents. Since 2011 he has worked for JASPERS providing project appraisal and advice for the development of transport projects and planning frameworks in JASPERS countries including frequent training seminars. At an EU level he coordinated the JASPERS transport team inputs to the EU 2014-2020 CBA guide.

Nikolay Kolev. Environmental Economist at the European Investment Bank, JASPERS Advisory services. He has more than 10 years of professional experience in preparing and implementing environmental projects. His specific area of expertise is water and wastewater management. Before joining JASPERS in 2015, he has been responsible for the preparation of many water services projects supported by European Structural and Investment Funds. He has extensive experience with preparing and assessing feasibility studies, cost-benefit analyses and has assisted in development, tendering and management of contracts. As part of JASPERS, Mr. Kolev is responsible for major water/wastewater and flood protection projects in Romania, Bulgaria, Poland and Turkey.

Jessica Catalano

Gelsomina Catalano. Partner and senior Economist at CSIL and ad joint 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, where she is teaching assistant for the course of Public Economics and Workshop on Cost-Benefit Analysis. She carried out ex-post CBA of transport projects in the framework of ex post evaluation of investment projects co-financed by ERDF and CF in the period 1994-99. She has co-authored the last edition of the EC Guide to Cost Benefit Analysis. She 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. Currently, she is part of the team working on the cost-benefit analysis of the HighLumi and Future Circular Collider projects, carried out by the University of Milan in collaboration with CERN.

Emanuela Sirtori

Emanuela Sirtori. Partner and senior Economist at CSIL. She has been participating in different evaluation studies of projects, programmes and policies on behalf of the European Investment Bank, the European Parliament and the European Commission. She has gained relevant experience in Cost-Benefit Analysis of infrastructural projects in the transport, environment, energy, education and research sectors. She has been part of the team in charge of drafting the CBA methodological guidelines for the Government of Lithuania and has contributed to the preparation of the last edition of the DG REGIO Guide to Cost-benefit Analysis of Investment Projects. In the framework of the research programme sponsored by the EIB Institute, Emanuela has participated to the development of the new CBA methodology for research, development and innovation infrastructures. She is member of the Steering Committee for the study on the socio-economic impacts of the Future Circular Collider, carried out by the University of Milan in collaboration with CERN.

Chiara Pancotti

Chiara Pancotti. Partner and Expert at CSIL. Over the past five years, she has been specializing in the evaluation of development projects and in financial, economic and risk analyses of infrastructure 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 a number of major projects. She carries out training courses at European level. She has been part of the team in charge of developing the last edition of the DG REGIO Guide as well as drafting the CBA methodological guidelines for the Government of Lithuania. Recently, she has been involved in the cost-benefit analysis of the National Centre for Hadrontherapy (Pavia). Also, she has contributed to Massimo Florio's recent publication Applied Welfare Economics by authoring the chapter on welfare weights and distributional impacts.

Francesco Giffoni. Expert at CSIL and ad joint Professor of Cost-Benefit Analysis at the University of Milan. He earned a PhD in Economics from La Sapienza University (Rome) with the dissertation "Essays on Human Capital and the Growth of Italian Cities". He has been teaching assistant at the department of Law and Economics at University La Sapienza. He has been a visiting researcher at the department of Regional Economics at Erasmus University of Rotterdam and teaching assistant at the department of Law and Economics at University La Sapienza. His research interests are in public and applied economics, with a specific focus on urban and regional development and industrial policies and policy evaluation. His professional experience started in 2009 at Bank of Italy where he joined a team to evaluate the impact of human capital on the growth of cities. Recently, he has been involved in different evaluation, research and analytical studies on behalf of the European Commission, the EIB, CERN and other international bodies.

Marco Brambilla (PhD in Public Economics) is a senior expert of civil engineering, economics and planning of the transport sector. He gained expertise and skills with regard to the economic appraisal of transport infrastructures, regulation of infrastructures and services, urban economics with equity issues and transport safety. At TRT Trasporti e Territorio, he has been working in multidisciplinary projects in Italian and European working groups and he has been involved in several projects and technical assistances funded by institutions, like DGs of the European Commission (Mobility and Transport, Regional Policy and Research and Innovation) and the European Parliament. As transport economist, he has been involved in quick appraisals of major project applications for transport infrastructure investments and in the preparation of applications for co-funding initiatives under EC’s CEF programme. He also co-authored guidelines on projects evaluation and appraisal on different spatial scales and guidelines for pre-feasibility studies of transport projects. He was appointed lecturer of transport economics and planning at the Politecnico of Milano.

Enrico Bernardis. Director at Tplan consulting srl. Enrico has multi-sector and multi-country experience in transport infrastructure and policy appraisal. He has acted as CBA expert for the 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). He has been appointed by INEA as evaluator of the CBA included in the applications for funding under the Connecting Europe Facility.

Luca Bisaschi holds a Master Degree in Political Science (major in European Integration) from the University of Milan. Since 2017, he is junior researcher in the Development and Evaluation Unit at CSIL. As junior researcher, he took part in the preparation and delivery of several training courses in CBA at international level (FYROM and Slovenia). Currently, Luca is working on the project Ex post evaluation of major projects supported by the ERDF and Cohesion Fund between 2000 and 2013.


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

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