Welfare indicators for public facility investments in urban renewal areas |
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Authors: | Philip H Friedly |
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Institution: | Office of the Assistant Secretary for Research and Technology, U.S. Department of Housing and Urban Development, Washington, D.C. 20410 USA |
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Abstract: | To evaluate the effects of alternative public investment policies in terms of the welfare status of human beings thereby affected, we must have a clear delineation of social, economic, or other roles that such investment is intended to play. This paper defines a role for public facility investment in urban renewal areas that is based on analysis of both the intrinsic characteristics of these investments and the policy environment—defined by a set of renewal objectives—in which they are made. Benefits and costs are seen to accrue to society—individuals, households, business, or the community-at-large—from appropriately defined categories of public facility investment impact. A set of welfare indicators, comprised of benefit-cost measurements related to the categories of investment impact, emerges from our analysis to provide a basis for re-evaluation of certain aspects of renewal policy. |
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