Cost Benefit Analysis in the Research, Development and Innovation Sector
The research project was financed by the European Investment Bank Institute in the framework of its EIB University Research Sponsorship Programme (EIBURS). It explored the issue of the evaluation of research development and innovation (RDI) infrastructure. The objective was to develop a Cost-Benefit analysis model to assess the socio-economic impact of RDI infrastructure on innovation and knowledge as a driver for long-term sustainable growth. The research focused on large infrastructures dealing with fundamental research. In particular, the project developed a metric for assessing the potential net social benefits generated by research infrastructures. During the first year of the project, the team, which is composed by CSIL and the Departments of Economics, Management and Quantitative Methods and Physics of the University of Milan, developed the theoretical framework of the model together with three related papers. The core activity of the two subsequent years was to test the theoretical framework. In this purpose, two case studies were realised. The first concerned the CERN Large Hydron Collider; the second was about the National Hadrontherapy Centre for Cancer Treatment (CNAO) in Pavia (IT). These two cases have been selected in order to fine-tune and apply the empirical estimation methodologies to value the net socio-economic benefits of both pure and applied research infrastructures.
Partner: University of Milan (Italy)
Client: European Investment Bank