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Cost-benefit analysis (CBA) is a systematic approach to estimate alternative ways used to determine values of certain projects by achieving benefits while preserving savings. In this paper, two methods (i.e. trend extrapolation and Borgaman formula) are conducted for cost-benefit analysis of the expansion of Hangzhou Xiaoshan Airport. As a result, predicted net present value is larger in trend extrapolation model, indicating that the prediction of demand plays a significant role in cost-benefit analysis. To get a more valuable result, constructing a more accurate demand prediction is the key point. |
