Analysis of the valuation methodologies used in public investment in environmental projects: evidence and applications for Colombia

Abstract

The methodologies applied in the valuation of public investment projects on environmental issues have gained popularity and have been adopted in different contexts. This paper presents an overview at the global, regional and local levels in order to address the challenges of these applications for Colombia. Thus, the objective is to identify the main trends and gaps that exist for future research in the country. This work uses a structured literature review of articles published in academic journals between 1990-2018 as the methodology. The review presents interesting findings regarding the proposals and advances that show the combination of methodologies making it possible to analyze systemically public investment in environmental projects. On the other hand, evidence was found that the issue is still incipient in Colombia. However, it provides broad applicability to support adequately informed decision-making.