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Ecosystem services in the appraisal of the economic performance of urban regeneration projects exemplified by the Jessica Initiative

Idczak Piotr, Musiałkowska Ida, Mrozik Karol

Ekonomia i Środowisko

2019

nr 3

114--129

The purpose of this paper is to indicate the valuation importance of externalities derived from the urban ecosystem services (UES) in terms of their applicability in the appraisal process of urban regeneration projects co-financed from European funds. Specifically, it examines the impact of UES on the project’s economic performance, and thereby on human quality of life. Using the discounted cash flow method, this paper estimates the project’s economic performance indicators including the identified UES upon their prior valuation. The valuation was carried out on the basis of the benefit analysis, contingent valuation method – “willingness to pay” – and benefit transfer method, as recommended by Bernaciak, Wojcieszak (2014) and Zawojska et al. (2016). Results show that urban projects including UES are characterised by the higher values of the economic performance indicators and they should be assessed higher than projects with little or no UES because of their stronger contribution to the sustainable development of urban areas. In spite of the fact that there are limitations due to the UES valuation techniques used in the study, the presented approach could be an important tool for the project’s appraisal.

Zdolność projektów JESSICA do oddziaływania na procesy rynkowe w miastach

Idczak Piotr, Musiałkowska Ida, Mrozik Karol

Biuletyn Komitetu Przestrzennego Zagospodarowania Kraju PAN

2019

No 274

202--222

JESSICA initiative as a financial engineering instrument was introduced to enhance and accelerate investments in disadvantaged urban areas. The novel aspect of JESSICA is that this instrument should not only support and promote sustainable urban development but also provide incentives that lower risk capital investments and consequently allow to overcome existing market failures. Thus, the paper aims to identify whether JESSICA projects have contributed to generating positive market effects, as well as to indicate the factors that were most responsible for the occurrence of these phenomena. The results show that 75% out of all projects generated positive market effects in form of new jobs, services or products. The generation of revenues by particular project was the most influential factor determining the capacity of a given project to create positive markets effects.