§ Mr. PikeTo ask the Secretary of State for Transport what changes he proposes to make in updating COEIA 9 to COBA 10 to be used in evaluating possible road schemes on a cost benefit analysis basis.
§ Mr. ChopeThe basic parameters, assumptions and methodologies incorporated in COBA are continually118W reviewed and researched. Since COBA 9 was released, there have been several parameter changes which have been considered necessary, and users have accordingly been notified of changes they need to make when running COBA 9. COBA 10 will incorporate these changes in to the default parameter set, thus simplifying the task of running the program. These changes include revised national road traffic forecasts (1989), values of time, accident rates, discount rate, GDP and petrol price forecasts.
Occasionally research may indicate the need for change to parameters or methodologies which cannot be incorporated by the user, and which therefore require a revised version of the program to be released. COBA 10 will incorporate some changes of this kind.
§ Mr. PikeTo ask the Secretary of State for Transport what basis his Department uses in cost benefit analysis terms on the valuation of time savings in relation to different methods of commuting to work when considering possible road schemes; and if he will make a statement.
§ Mr. ChopeIn cost-benefit analyses of road schemes, time savings for commuting to work are given the same value, whatever the method of commuting. Commuting time is valued at the standard appraisal value for non-work time, which is based on research into what people are willing to pay to save time.