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Massimo Florio and Chiara Pancotti

What is the benefit for society of capital-intensive investment in research and development (R & D) infrastructure? This chapter concisely presents a model for applying benefit-cost analysis (BCA) to such projects and shows its application through a quantitative case study. The content of this chapter relies on the experience gathered by the team of the University of Milan and the Centre for Industrial Studies (CSIL) in a research project on how to apply ex ante BCA for major R & D infrastructures as well as years of teaching activities for an international audience of young professionals and early career researchers. The objective is to illustrate both theoretical and empirical approaches to address the evaluation of R & D infrastructural projects which are an essential driver of scientific progress and economic growth.