Projecting the socio-economic impact of a big science center: the world’s largest particle accelerator at CERN
Year: 2022
Type: article
Abstract: Public investment in Big Science generates social benefits that can ultimately support economic growth. This paper implements a model for the social Cost – Benefit Analysis (CBA) of Big Science and relies on Monte Carlo methods to quantify the uncertainty of long-term projections. We evaluate social costs and benefits of the High Luminosity upgrade of the Large Hadron Collider (HL-LHC) at CERN up to 2038. Monte Carlo simulations show that there is a 94% chance to observe a positive net present value for society. The attractiveness of CERN for Early Stage Researchers and technological spillovers for collaborating firms are key for a positive CBA result. Cultural effects, especially those related to onsite visitors, also contribute to generating societal benefits.
Source: Applied Economics
Institution: University of Milan
Language: English
Subfield: Information Systems and Management
Field: Decision Sciences
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W4309329587