Impact measurement for public investment evaluation

During the economic development process public investment has played very important roles in regional development and planning as well as in national development. Hence, it is very important to measure the socio-economic impact of core public investment on national and regional economies. The impact measurement alternatives for the large-scale public investment focusing on urban and regional areas are developed. Besides the traditional effect of measurement methods, this paper suggests another approach including impact zone measurement index (IZMI) concept, estimation concepts, procedures applying and revising modern non-parametric estimations. IZMI can be expressed using DI (distance factor), Z (related impact variables such as industrial complex, etc.), CAR (car possession number per person) and DOR (ratio between the distance from the other expressway and a specified expressway). The examples for this estimation are implemented using Korean data and West Sea (Seohae) Expressway case. This is the case for ex-post policy program evaluation.