This research project, funded by the EIB University Research Sponsorship (EIBURS) programme, developed and tested a model for evaluating the socio-economic impact of Big Science. The result was a tool for decision making, which can assess the potential future net social benefits generated by a research infrastructure and the uncertainty and risks associated with them. It was developed to enable funding agencies to evaluate the potential prospective net benefits generated by a research infrastructure, uncertainty and risks. The model goes beyond traditional CBA as it includes, for example, impacts on knowledge production, human capital, technological learning, cultural effects and good public value.
The team applied the model to two selected cases (i.e. the Large Hadron Collider at CERN and the National Centre for Oncological Treatment in Pavia), exploring methodological challenges and the potential further applications. As part of the research project, the team prepared a discussion paper describing the CBA model and lessons learned from the case studies.
On 8 March 2016, Massimo Florio and Silvia Vignetti joined the IV EIB Institute’s Knowledge Programme meeting in Luxembourg, attended by representatives from 17 European universities and networks. Massimo Florio presented the results of the three-year research project "Cost/Benefit Analysis in the Research, Development and Innovation Sector."