in the imperfectly competitive markets, and (iii) benefits to which tax revenue effects caused by the influence on the labor market were added. (Figure 2-1-43).

Even this measurement of wider impacts cannot cover all the stock effects of the infrastructure, such as the improvement in safety and security and the expansion of the diversity of consumers. However, looking to these initiatives overseas,

Figure 2-1-43 Benefits and costs of British Crossrail (100 million pounds)

Net cost for the government	89.6
Total cost	139.02
- Net revenue from railway	- 61.49
+ Indirect tax revenue decline	12.07
Conventional user benefits	160.93
Leisure/Commuting traffic	112.29
Business traffic	48.64
Wider impacts	71.61
Accumulated benefits (the accumulation knowledge and technology associated with increased benefits, etc.)	30.94
Incomplete competition (In the incomplete competition market, the impact of decreased travel cost is caused greatly)	4.86
Travel of workers (Tax revenue increase associated with the decline of travel costs)	32.32
An increase of labor force participation rate (Impact of increased labor force)	3.49

Source) Developed by MLIT from Economic Appraisal of Crossrail 2005, Crossrail Ltd., (2005).

we can say that a stance to capture effects following changes in traffic beforehand or afterward is necessary instead of always relying on figures based on a conventional cost-benefit analysis alone.

## 3 MLIT's approaches toward maximizing the stock effect

The fourth Priority Plan for Infrastructure Development was decided by the cabinet on September 18, 2015, which aimed at maximizing the stock effect as the first principle. Based on the plan and under strict financial restrictions, the MLIT started the infrastructure management strategy of "smart investment, smart use", which means selecting and focusing thoroughly on the projects that carry a strong stock effect and talking full advantage of the existing facilities with wise and ingenious attempts. Also, as part of assessment for the plan, the Special Working Group was established under the Traffic System Subcommittee Planning Section, the Panel on Infrastructure Development and Transportation Policy Council to discuss the efforts to maximize and "visualize" the stock effect. Its reports will be compiled around fall 2016.

As part of its effort, the MLIT and the Japan Business Federation set up a panel to encourage the dialogue of public-private partnership.

Additionally, to disseminate the efforts for amplifying the stock effect in various areas, the ministry compiled a collection of case studies about the infrastructure stock effect in each prefecture (Figure 2-1-44) and a collection of advanced case studies across the country for the efforts of "smart use" and integration and reorganization of existing facilities. The ministry and the Regional Development

Figure 2-1-44

A collection of case studies of the stock effect

Bureau also hold panel exhibitions for introducing these initiatives. Besides, the Kanto Regional Development Bureau archived the records of ex-post evaluations as “Kanto Infrastructure Project Archives” $ ^{Note\ 44} $ (Figure 2-1-45) to share the information for the future infrastructure projects and to plainly show the general public the efforts they made over the entire infrastructure projects.