Economic Modelling
Economic modelling offering covers cost benefit analyses.
Why it matters?
Economic modelling, particularly cost-benefit analyses and regulatory modelling, is essential for evaluating the economic impact of projects, policies, and regulations. These models help organizations and governments understand the trade-offs, costs, and benefits associated with different decisions. Robust economic models support transparent and evidence-based decision-making, ensuring that resources are allocated efficiently and that policies achieve their intended economic outcomes.
How we work?
Our company leverages the R statistical program and MS Excel for economic modelling. R is a powerful tool for statistical analysis and data visualization, enabling detailed and sophisticated economic models. MS Excel complements this by providing a versatile platform for organizing data, performing calculations, and presenting results. Together, these tools allow us to develop comprehensive economic models that are both accurate and accessible.
Sample applications
One successful use case of economic modelling is the evaluation of the High-Speed 2 (HS2) rail project in the UK. Cost-benefit analyses were used to assess the economic impact of the project, demonstrating its potential to reduce travel time and boost regional economies. Similarly, regulatory modelling has been critical in the implementation of carbon pricing schemes in the power and utilities sector, helping policymakers understand the economic implications and design effective mechanisms for reducing greenhouse gas emissions.
Sounds interesting?