Master’s degree in Economics

Course partially running (all years except the first)

Project financing and evaluation

Course code
Name of lecturers
Paolo Pertile, Francesco Andreoli
Paolo Pertile
Number of ECTS credits allocated
Academic sector
Language of instruction
secondo semestre lauree magistrali dal Feb 25, 2019 al May 31, 2019.

Lesson timetable

Go to lesson schedule

Learning outcomes

The course focuses on the ex-ante and ex-post economic evaluation of projects with major impacts
from the societal standpoint, for which the information provided by relevant markets is incomplete. The
discussion of the theoretical background, mainly based on applied “welfare economics” will be carried
on along with the introduction to the techniques typically employed to tackle practical issues in economic
These issues will be also discussed with reference to EU guidelines for projects candidate to access
“structural funds”.
At the end of the course students
- will learn how to integrate information from financial and economic evaluations at the different
stages in the project life-cycle,
- should be able to assess the impact of projects in theory and practice.
Case studies from a variety of fields will be presented and empirical exercises with real world data will
be performed in the computer lab. During the course, students will be given the opportunity to work
independently on a specific case study and present it in class.


- Financial and economic evaluation in the project life-cycle
- Applied “welfare economics”: costs and benefits evaluation with market imperfections
- EU guidelines for cost-benefit analysis of investment projects (available at:
- Economic evaluation when a market does not exist
- Risk assessment
- Project impact assessment and quasi-experimentation

There is no single textbook on which lectures are based. Specific readings will be suggested during the course. However, students may find very useful consulting the following textbooks:

Reference books
Author Title Publisher Year ISBN Note
Campbell, Harry F.. Brown, Richard P.C. Benefit-cost analysis : financial and economic appraisal using spreadsheets Routledge 2015 978-0-521-52898-6
Khandker, Shahidur, Gayatri Koolwal and Hussain Samad Handbook on impact evaluation: quantitative methods and practices Washington, DC: World Bank 2010 978-0-8213-8028-4

Assessment methods and criteria

The evaluation will be based on a written exam (including both theoretical and practical questions). The ability to apply concepts to real-world situations and the understanding of theory and methods are essential to obtain the highest marks. Students can choose to have part of the assessment based on a project assignment, which gives them the opportunity to apply theoretical concepts and methods learnt during the course to a real-world problem.

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