PIARC Committee C9 on Economic and Financial Evaluation has prepared this report to present an up to date description and analysis of the methodologies used by PIARC member countries and international agencies for economic evaluation of road projects, the range and valuation of the impacts considered, and how the evaluations are accepted and used in decision making processes. The methodologies covered by this report are, in general, those used for evaluating capital investments at the project level. This work is an expansion and update of a 1997/98 PIARC survey and report on the same topic. The report considers the purpose and scope of evaluations in member countries, including how the evaluation assists government policies and decision making. Some recommendations are given for further work, particularly that CBA continue to be developed to include all significant impacts; that member countries co-operate in developing monetary values; that the methodology be expanded to cover all land transport modes; and that more attention be given to use of quantitative risk analysis.