Modelling Approaches of Life Cycle Cost–Benefit Analysis of Road Infrastructure: A Critical Review and Future Directions

Cost–benefit analysis (CBA) is considered an effective evaluation method for fostering optimal decision making and ranking of road infrastructures over decades. This paper introduces a comprehensive systematic literature review focusing on CBA’s methodological perspective identifying its current modelling approaches scrutinizing their key features encompassed tools. Fifty-six relevant studies were extracted from Web Science, Scopus Google Scholar 2005 until 2020. Initially, the bibliometric presents overall illustration most significant CBA concepts. The descriptive statistics determined eight distinct categories used implementation, each encompassing three different capturing data risk assessment (deterministic or probabilistic), parameters interactive behavior (static dynamic) economies (microeconomic macroeconomic). In-depth content led to interpretation status extant models identification main knowledge gaps: absence inputs updating into probabilistic environment, deficiency dynamic interdependent framework necessity homogenous cost datasets projects. Future research directions conceptual microeconomic, environment are proposed providing decision-makers with new avenues more reliable modelling.