A methodological framework for economic evaluation of existing roadway assets
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Asset management is an integral part of maintaining and preserving the transportation infrastructure. In order to better manage the roadway assets, a value based on their economic contribution should be assigned. The actual monetary contribution a roadway makes to the overall economy can be difficult to quantify. Because of this difficulty, most agencies use asset valuation techniques that are based on construction and material costs, rather than utilization. This proposed study aims to establish a framework to quantify the economic value of existing roadways. Traditionally in transportation asset management, economic evaluation research has been mostly qualitative in nature and insufficient in generating a numerical value. Although there are many techniques to project the economic impact of a future roadway, there has not been much work done on evaluating the economic value of existing roadway infrastructure. In this thesis, some of the tools used in economic impact studies are adopted as a means to evaluate the value of existing roadways, leading to the development of comprehensive methodological framework as a guide to perform economic evaluation on existing roadways.