Multi-Criteria Analysis
It is impossible to try to reduce all values in society to a monetary value. In some cases, where there is no market to reveal a monetary value, available techniques of valuation, such as stated and revealed preference methods (contingent valuation, travel cost method, choice modelling, etc.), are expensive to implement and often provide unreliable value estimates.
An alternative approach to that of monetary valuation of all benefits and costs is the method of multi-criteria analysis. Multi-criteria analysis (MCA) is a structured framework for investigating, analysing and resolving decision problems constrained by multiple objectives and criteria (Nijkamp et al.1990, Voogd 1983). It is seen by many as an alternative to CBA primarily because it does not require all impacts to be expressed in monetary units.
In its most basic form, a multi-criteria analysis (MCA) model is comprised of a set of evaluative criteria, a set of weights indicating the importance of those criteria, a set of alternatives (scenarios or alternative projects), and a set of performance measures indicating the performance of each alternative against each criterion. This method of analysis is aimed at supporting decision makers when faced with making numerous and conflicting evaluations.
View Project Evaluation work undertaken by EconSearch.
Latest News
Economic Impact of Aquaculture on the SA State and Regional Economies
28 July 2010: The Hon Michael O'Brien released a media statement today with the headline 'South Australia’s aquaculture industry experienced spectacular jobs growth of 14.1 per cent in 2008-09' (click here for media release). See the latest EconSearch report on the economic impact of aquaculture on the SA state and regional economies for more details.
Economic Analysis of Road Funding Options on Kangaroo Island
12 July 2010: The Kangaroo Island (KI) transport strategy identifies the need for transport investment to support future agricultural and tourism industry developments. Julian Morison presented the results of modelling the costs and benefits of transport infrastructure investment to a meeting in Kingscote of KI Council and community members.
Presentation to the Asian Studies Association of Australia
8 July 2010: "SA's Engagement with the Asia Pacific Region: Primary Industries" was the topic of Julian Morison's presentation to the Asian Studies Association of Australia 18th Biennial Conference held in Adelaide.
2020 Vision for the Australian Feedlot Industry
July 2010: A report prepared by EconSearch, Feedlot Services Australia and Warwick Yates & Associates on the economic impact of projected feedlot industry expansion was reported on in the July edition of ALFA Lotfeeding magazine. Contact Des Rinehart at MLA on (07) 3620 5236 or email him for further details.