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110-550: Chehalis–Centralia Airport ( IATA : CLS , ICAO : KCLS , FAA LID : CLS ) is a city-owned public use airport located in Chehalis , a city in Lewis County , Washington . The airport lies one mile (1.6 km) west of the town. Originally begun on farmland in 1927, the airfield was known as Donahoe Field and it hosted a small golf course. The airfield was seized for military use during World War II and became known as

220-504: A location identifier , is a three-letter geocode designating many airports and metropolitan areas around the world, defined by the International Air Transport Association (IATA). The characters prominently displayed on baggage tags attached at airport check-in desks are an example of a way these codes are used. The assignment of these codes is governed by IATA Resolution 763, and it

330-500: A Curtiss biplane over Centralia on May 30, 1912 during the city's Hub City Festival, attempting to bless new buildings by dropping champagne bottles during the flight. He hit at least one of the targets. In 1914, Gustav (George) Stromer took flight during Chehalis' Fourth of July celebrations, and after several issues of mechanics and strong winds, managed to land on the fields at the Green Hill School . Stromer would perform

440-585: A January 2022 flood event . The earliest recorded aviator in the area was John Brown, who attempted to construct an airplane at the Tynan Opera House in Chehalis. However, there is no record that the apparatus ever achieved flight. The first aviator to achieve flight in Lewis County was Claude Berlin, a local grocer who undertook flying lessons to become a licensed pilot. He officially piloted

550-446: A Kmart and in 2006, Home Depot . By 2004, approximately 38 acres (15 ha) of airport land had been converted to commercial space with a lease revenue of $ 700,000. Economic reports from 2021 and 2022 specify that over 1100 jobs are supported by the airport and the shopping district, with over 500 additional positions of employment that are connected due to the existence of the airfield. The airport receives no annual tax stipend from

660-419: A utilitarian perspective. Assuming an accurate CBA, changing the status quo by implementing the alternative with the lowest cost–benefit ratio can improve Pareto efficiency . Although CBA can offer an informed estimate of the best alternative, a perfect appraisal of all present and future costs and benefits is difficult; perfection, in economic efficiency and social welfare, is not guaranteed. The value of

770-603: A 7,500,000 candlepower beacon during a 1926 initiative to improve night flying for air mail on the Pacific Coast. The airport was approved to be lighted for night flying beginning in August 1929. The $ 6,000 project was authorized and funded by the United States Department of Commerce 's airway division. By September, the airfield, described as a municipal airport, was leased to the federal government and

880-678: A common temporal footing, using time value of money calculations. This is often done by converting the future expected streams of costs ( C {\displaystyle C} ) and benefits ( B {\displaystyle B} ) into a present value amount with a discount rate ( r {\displaystyle r} ) and the net present value defined as: NPV = ∑ t = 0 ∞ B t − C t ( 1 + r ) t {\displaystyle {\text{NPV}}=\sum _{t=0}^{\infty }{B_{t}-C_{t} \over {(1+r)^{t}}}} The selection of

990-466: A cost–benefit analysis depends on the accuracy of the individual cost and benefit estimates. Comparative studies indicate that such estimates are often flawed, preventing improvements in Pareto and Kaldor–Hicks efficiency . Interest groups may attempt to include (or exclude) significant costs in an analysis to influence its outcome. The concept of CBA dates back to an 1848 article by Jules Dupuit , and

1100-555: A daily average of 50 flights. In 2004, the airport reported an average range of 35,000 to 40,000 takeoffs and landings per year. For the 12-month period ending June 30, 2011, the airport had 47,710 total operations, an average of 131 per day: 90% general aviation , 9% air taxi , and <1% military. There were 105 aircraft listed as based at the airport: 81% single-engine, 5% multi-engine, 3% jet, 8% helicopter , 2% ultralight , and 2% glider . A master plan update in 2023 reported an annual operations total of approximately 50,000 flights and

1210-532: A decision, project, or policy. It is commonly used to evaluate business or policy decisions (particularly public policy ), commercial transactions, and project investments. For example, the U.S. Securities and Exchange Commission must conduct cost-benefit analyses before instituting regulations or deregulations. CBA has two main applications: CBA is related to cost-effectiveness analysis . Benefits and costs in CBA are expressed in monetary terms and are adjusted for

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1320-417: A discount rate for this calculation is subjective. A smaller rate values the current generation and future generations equally. Larger rates (a market rate of return, for example) reflects human present bias or hyperbolic discounting : valuing money which they will receive in the near future more than money they will receive in the distant future. Empirical studies suggest that people discount future benefits in

1430-402: A financial value to the life. However, non-monetary metrics have limited usefulness for evaluating policies with substantially different outcomes. Other benefits may also accrue from a policy, and metrics such as cost per life saved may lead to a substantially different ranking of alternatives than CBA.In some cases, in addition to changing the benefit indicator, the cost-benefit analysis strategy

1540-425: A higher weight. One reason for this is that for high income people, one monetary unit is worth less relative to low income people, so they are more willing to give up one unit in order to make a change that is favourable for them. This means that there is no symmetry in agents, i.e. some people benefit more from the same absolute monetary benefit. Any welfare change, no matter positive or negative, affects people with

1650-559: A levee built by the United States Army Corps of Engineers , the airport also contains an oxbow lake , aptly named Airport Lake, at the northeast portion of the field. The lake is a remnant of the Chehalis River and waters are drained by pump over the levee and by a small tunnel. By 1975, the airport had seen the construction of six hangars. Airfield reports in 1975 listed between 45 and 50 based aircraft with

1760-424: A lower income stronger than people with a higher income, even if the exact monetary impacts are identical. This is more than just a challenge to the distribution of benefits in CBA, it is a critique of the ability of CBA to accurately measure benefits as, according to this critique, using unweighted absolute willingness to pay overstates the costs and benefits to the wealthy, and understates those costs and benefits to

1870-567: A new airport is built, replacing the old one, leaving the city's new "major" airport (or the only remaining airport) code to no longer correspond with the city's name. The original airport in Nashville, Tennessee, was built in 1936 as part of the Works Progress Administration and called Berry Field with the designation, BNA. A new facility known as Nashville International Airport was built in 1987 but still uses BNA. This

1980-419: A number of drawbacks and limitations. A number of critical arguments have been put forward in response. That include concerns about measuring the distribution of costs and benefits, discounting the costs and benefits to future generations, and accounting for the diminishing marginal utility of income. in addition, relying solely on cost-benefit analysis may lead to neglecting the multifaceted value factors of

2090-460: A policy is inexact at best. Surveys (stated preferences) or market behavior ( revealed preferences ) are often used to estimate compensation associated with a policy. Stated preferences are a direct way of assessing willingness to pay for an environmental feature, for example. Survey respondents often misreport their true preferences, however, and market behavior does not provide information about important non-market welfare impacts. Revealed preference

2200-432: A project meant to help the airport to produce renewable energy and as a site for the demonstration of new aviation technology. In September 1951, four people were killed after a Stinson Voyager crashed and caught fire a minute after taking off from the airfield. The body of Sherry Edgell, a nine year-old girl from Centralia, was found near the airport in late September 1959. The murder of Edgell remains unsolved. During

2310-682: A project. CBA has been criticized in some disciplines as it relies on the Kaldor-Hicks criterion which does not take into account distributional issues. This means, that positive net-benefits are decisive, independent of who benefits and who loses when a certain policy or project is put into place. Phaneuf and Requate phrased it as follows "CBA today relies on the Kaldor-Hicks criteria to make statements about efficiency without addressing issues of income distribution. This has allowed economists to stay silent on issues of equity, while focusing on

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2420-460: A small creek on the grounds. A new master plan is to be drafted to include the recently acquired parcel with a schedule for it to be adopted in 2024. No immediate plans for the usage of the new property by the airport have been proposed. Expansion of the northern section of airport was begun in 2024 under a plan known as the Chehalis Hub for Aviation Innovation and Sustainable Energy (CHAISE),

2530-414: A theoretical foundation on the societal worth or benefit of a project. The cost of the project proved much simpler to calculate. Simply taking the sum of the materials and labor, in addition to the maintenance afterward, would give one the cost. Now, the costs and benefits of the project could be accurately analyzed, and an informed decision could be made. The Corps of Engineers initiated the use of CBA in

2640-642: A variety of software tools, including HERS, BCA.Net, StatBenCost, Cal-BC, and TREDIS . Guides are available from the Federal Highway Administration , Federal Aviation Administration , Minnesota Department of Transportation , California Department of Transportation (Caltrans), and the Transportation Research Board 's Transportation Economics Committee. In health economics , CBA may be an inadequate measure because willingness-to-pay methods of determining

2750-405: A way similar to these calculations. The choice makes a large difference in assessing interventions with long-term effects. An example is the equity premium puzzle , which suggests that long-term returns on equities may be higher than they should be after controlling for risk and uncertainty. If so, market rates of return should not be used to determine the discount rate because they would undervalue

2860-509: Is GSN and its IATA code is SPN, and some coincide with IATA codes of non-U.S. airports. Canada's unusual codes—which bear little to no similarity with any conventional abbreviation to the city's name—such as YUL in Montréal , and YYZ in Toronto , originated from the two-letter codes used to identify weather reporting stations in the 1930s. The letters preceding the two-letter code follow

2970-485: Is a direct correspondence between the form of a maximum entropy distribution and the exponential family . Examples of commonly used continuous maximum entropy distributions in simulations include: The increased use of CBA in the US regulatory process is often associated with President Ronald Reagan 's administration. Although CBA in US policy-making dates back several decades, Reagan's Executive Order 12291 mandated its use in

3080-408: Is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements. A CBA may be used to compare completed or potential courses of action, and to estimate or evaluate the value against the cost of

3190-627: Is administered by the IATA's headquarters in Montreal , Canada. The codes are published semi-annually in the IATA Airline Coding Directory. IATA provides codes for airport handling entities, and for certain railway stations. Alphabetical lists of airports sorted by IATA code are available. A list of railway station codes , shared in agreements between airlines and rail lines such as Amtrak , SNCF , and Deutsche Bahn ,

3300-568: Is an indirect approach to individual willingness to pay. People make market choices of items with different environmental characteristics, for example, revealing the value placed on environmental factors. The value of human life is controversial when assessing road-safety measures or life-saving medicines. Controversy can sometimes be avoided by using the related technique of cost–utility analysis, in which benefits are expressed in non-monetary units such as quality-adjusted life years . Road safety can be measured in cost per life saved, without assigning

3410-617: Is available. However, many railway administrations have their own list of codes for their stations, such as the list of Amtrak station codes . Airport codes arose out of the convenience that the practice brought pilots for location identification in the 1930s. Initially, pilots in the United States used the two-letter code from the National Weather Service (NWS) for identifying cities. This system became unmanageable for cities and towns without an NWS identifier, and

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3520-523: Is different from the name in English, yet the airport code represents only the English name. Examples include: Due to scarcity of codes, some airports are given codes with letters not found in their names: The use of 'X' as a filler letter is a practice to create three-letter identifiers when more straightforward options were unavailable: Some airports in the United States retained their NWS ( National Weather Service ) codes and simply appended an X at

3630-726: Is directly abandoned as a measure. In the 1980s, to ensure workers' safety, the US Supreme Court made an important decision to abandon the consideration of return on investment and instead seek the lowest cost-benefit to meet specific standards. Another metric is valuing the environment, which in the 21st century is typically assessed by valuing ecosystem services to humans (such as air and water quality and pollution ). Monetary values may also be assigned to other intangible effects such as business reputation, market penetration, or long-term enterprise strategy alignment. CBA generally attempts to put all relevant costs and benefits on

3740-449: Is governed by OMB Circular A-4 . CBA attempts to measure the positive or negative consequences of a project. A similar approach is used in the environmental analysis of total economic value . Both costs and benefits can be diverse. Costs tend to be most thoroughly represented in cost–benefit analyses due to relatively-abundant market data. The net benefits of a project may incorporate cost savings, public willingness to pay (implying that

3850-513: Is in conjunction to rules aimed to avoid confusion that seem to apply in the United States, which state that "the first and second letters or second and third letters of an identifier may not be duplicated with less than 200 nautical miles separation." Thus, Washington, D.C. area's three airports all have radically different codes: IAD for Washington–Dulles , DCA for Washington–Reagan (District of Columbia Airport), and BWI for Baltimore (Baltimore–Washington International, formerly BAL). Since HOU

3960-569: Is less laborious and time-consuming, since it does not involve the monetization of outcomes (which can be difficult in some cases). It has been argued that if modern cost–benefit analyses had been applied to decisions such as whether to mandate the removal of lead from gasoline, block the construction of two proposed dams just above and below the Grand Canyon on the Colorado River , and regulate workers' exposure to vinyl chloride ,

4070-543: Is not followed outside the United States: In addition, since three letter codes starting with Q are widely used in radio communication, cities whose name begins with "Q" also had to find alternate codes, as in the case of: IATA codes should not be confused with the FAA identifiers of U.S. airports. Most FAA identifiers agree with the corresponding IATA codes, but some do not, such as Saipan , whose FAA identifier

4180-503: Is often used by organizations to appraise the desirability of a given policy. It is an analysis of the expected balance of benefits and costs, including an account of any alternatives and the status quo . CBA helps predict whether the benefits of a policy outweigh its costs (and by how much), relative to other alternatives. This allows the ranking of alternative policies in terms of a cost–benefit ratio. Generally, accurate cost–benefit analysis identifies choices which increase welfare from

4290-516: Is possible to use different methods. One is to use weights, and there are a number of different approaches for calculating these weights. Often, a Bergson- Samuelson social welfare function is used and weights are calculated according to the willingness-to-pay of people. Another method is to use percentage willingness to pay, where willingness to pay is measured as a percentage of total income or wealth to control for income. These methods would also help to address distributional concerns raised by

4400-451: Is situated in a floodplains and has experienced several inundations of floodwaters over the course of its history. Surrounded by a large levee first constructed during the second world war, various upgrades and expansions of flood control measures have been implemented in the 21st century. The area was first served by an airport during the early 1900s on the Borst family homestead located near

4510-743: Is the support set of a probability density function f ( x ) {\displaystyle f(x)} . Suppose that we impose a series of constraints that must be satisfied: where the last equality is a series of moment conditions. Maximizing the entropy with these constraints leads to the functional : J = max f ∫ S ( − f log ⁡ f + λ 0 f + ∑ i = 1 m λ i r i f ) d x {\displaystyle J=\max _{f}\;\int _{\mathcal {S}}\left(-f\log f+\lambda _{0}f+\sum _{i=1}^{m}\lambda _{i}r_{i}f\right)dx} where

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4620-622: Is to make use of the principle of maximum entropy , which states that the distribution with the best representation of current knowledge is the one with the largest entropy - defined for continuous distributions as: H ( X ) = E [ − log ⁡ f ( X ) ] = − ∫ S f ( x ) log ⁡ f ( x ) d x {\displaystyle H(X)=\mathbb {E} \left[-\log f(X)\right]=-\int _{\mathcal {S}}f(x)\log f(x)dx} where S {\displaystyle {\mathcal {S}}}

4730-416: Is used for William P. Hobby Airport , the new Houston–Intercontinental became IAH. The code BKK was originally assigned to Bangkok–Don Mueang and was later transferred to Suvarnabhumi Airport , while the former adopted DMK. The code ISK was originally assigned to Gandhinagar Airport (Nashik's old airport) and later on transferred to Ozar Airport (Nashik's current airport). Shanghai–Hongqiao retained

4840-414: The β i {\displaystyle \beta _{i}} terms correspond to the factor loadings. A generalization of these methods can be found in arbitrage pricing theory , which allows for an arbitrary number of risk premiums in the calculation of the required return. Risk associated with project outcomes is usually handled with probability theory . Although it can be factored into

4950-522: The λ i {\displaystyle \lambda _{i}} are Lagrange multipliers . Maximizing this functional leads to the form of a maximum entropy distribution: f ( x ) = exp ⁡ [ λ 0 − 1 + ∑ i = 1 m λ i r i ( x ) ] {\displaystyle f(x)=\exp \left[\lambda _{0}-1+\sum _{i=1}^{m}\lambda _{i}r_{i}(x)\right]} There

5060-571: The Canadian transcontinental railroads were built, each station was assigned its own two-letter Morse code : When the Canadian government established airports, it used the existing railway codes for them as well. If the airport had a weather station, authorities added a "Y" to the front of the code, meaning "Yes" to indicate it had a weather station or some other letter to indicate it did not. When international codes were created in cooperation with

5170-527: The Clinton administration during the 1990s. Clinton furthered the anti-regulatory environment with his Executive Order 12866 . The order changed some of Reagan's language, requiring benefits to justify (rather than exceeding) costs and adding "reduction of discrimination or bias" as a benefit to be analyzed. Criticisms of CBA (including uncertainty valuations, discounting future values, and the calculation of risk) were used to argue that it should play no part in

5280-587: The Columbus Day storm of 1962 , 13 aircraft were destroyed due to wind gusts reaching as high as 95 miles per hour (153 km/h). A police chief suffered a skull fracture when he was struck by debris after one of the hangars blew apart during the storm. During the Second World War, the United States Department of War built levees around the airfield and in 1942 installed a levee pump. Two large floods in 1990 and 1996 caused severe inundations at

5390-1078: The Fama-French model : r = r f ⏟ Risk-Free Rate + β M [ E ( r M ) − r f ] ⏟ Market Risk + β S M B [ E ( r S ) − E ( r B ) ] ⏟ Size Factor + β H M L [ E ( r H ) − E ( r L ) ] ⏟ Value Factor {\displaystyle r=\underbrace {r_{f}} _{\text{Risk-Free Rate}}+\beta _{M}\underbrace {\left[\mathbb {E} (r_{M})-r_{f}\right]} _{\text{Market Risk}}+\beta _{SMB}\underbrace {\left[\mathbb {E} (r_{S})-\mathbb {E} (r_{B})\right]} _{\text{Size Factor}}+\beta _{HML}\underbrace {\left[\mathbb {E} (r_{H})-\mathbb {E} (r_{L})\right]} _{\text{Value Factor}}} where

5500-469: The Gordon–Loeb model for decisions concerning cybersecurity investments). CBA's application to broader public policy began with the work of Otto Eckstein , who laid out a welfare economics foundation for CBA and its application to water-resource development in 1958. It was applied in the US to water quality, recreational travel, and land conservation during the 1960s, and the concept of option value

5610-523: The Monte Carlo method . However, even a low parameter of uncertainty does not guarantee the success of a project. Suppose that we have sources of uncertainty in a CBA that are best treated with the Monte Carlo method, and the distributions describing uncertainty are all continuous. How do we go about choosing the appropriate distribution to represent the sources of uncertainty? One popular method

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5720-687: The Skookumchuck River and present-day Fort Borst Park in Centralia. The city of Centralia began an official airfield near the park in 1926. Known as the Centralia Municipal Air Field, the site was dedicated in August 1928 but the airport endeavor ceased by the mid-1930s due to a combination of the Great Depression and competition with the Chehalis airport. Chehalis–Centralia Airport began in 1927, when

5830-409: The time value of money ; all flows of benefits and costs over time are expressed on a common basis in terms of their net present value , regardless of whether they are incurred at different times. Other related techniques include cost–utility analysis , risk–benefit analysis , economic impact analysis , fiscal impact analysis, and social return on investment (SROI) analysis. Cost–benefit analysis

5940-487: The County-City Airport, with transfer of ownership and management between Centralia , Chehalis, and Lewis County in the early 1960s. Chehalis became sole-owner of the airport in 2013. Once a hub for West Coast Airlines from the mid 1940s into the late 1950s, the airport does not host a commercial air service. As of 2023, the airfield experiences approximately 50,000 flight operations per year. The airport

6050-507: The Donahoe family, which also owned an adjoining golf course, sold the city of Chehalis and Lewis County approximately 44 acres (18 ha) of their 600 acres (240 ha) farm for over $ 13,000. The parcel, known as Paul Donahoe Field, was dedicated as an airstrip on May 21, 1927 during a ceremony attended by an estimated crowd of 4,000 people, with flying performances by a dozen aircraft, including military airships. The nine-hole golf course

6160-459: The EU's Sixth Framework Programme , reviewed transport appraisal guidance of EU member states and found significant national differences. HEATCO aimed to develop guidelines to harmonise transport appraisal practice across the EU. Transport Canada promoted CBA for major transport investments with the 1994 publication of its guidebook. US federal and state transport departments commonly apply CBA with

6270-506: The Kaldor-Hick criterion. Economic cost-benefit analysis tends to limit the assessment of benefits to economic values, ignoring the importance of other value factors such as the wishes of minority groups, inclusiveness and respect for the rights of others. These value factors are difficult to rank and measure in terms of weighting, yet cost-benefit analysis suffers from the inability to consider these factors comprehensively, thus lacking

6380-522: The U.S. For example, several airports in Alaska have scheduled commercial service, such as Stebbins and Nanwalek , which use FAA codes instead of ICAO codes. Thus, neither system completely includes all airports with scheduled service. Some airports are identified in colloquial speech by their IATA code. Examples include LAX and JFK . Cost%E2%80%93benefit analysis Cost–benefit analysis ( CBA ), sometimes also called benefit–cost analysis ,

6490-521: The US, after the Federal Navigation Act of 1936 mandated cost–benefit analysis for proposed federal-waterway infrastructure. The Flood Control Act of 1939 was instrumental in establishing CBA as federal policy, requiring that "the benefits to whomever they accrue [be] in excess of the estimated costs." More recently, cost-benefit analysis has been applied to decisions regarding investments in cybersecurity-related activities (e.g., see

6600-481: The United States, because "Y" was seldom used in the United States, Canada simply used the weather station codes for its airports, changing the "Y" to a "Z" if it conflicted with an airport code already in use. The result is that most major Canadian airport codes start with "Y" followed by two letters in the city's name (for example, YOW for O tta w a , YWG for W innipe g , YYC for C algar y , or YVR for V ancouve r ), whereas other Canadian airports append

6710-598: The airfield in his youth, learning to fly. His first recorded solo flight occurred from what was then known as the Chehalis Municipal Field. In recognition of Crossfield, the airport terminal was named in his honor during a dedication ceremony in 2010, four years after his death; a display of Crossfield's life is located within the building. Chehalis–Centralia Airport covers 438 acres (177 ha), which contains one asphalt runway: 16/34 measuring 5,000 by 140 feet (1,524 m × 43 m). Surrounded by

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6820-506: The airfield, damaging some aircraft. The events, in association with levee regulations at airports, led to 430,000 cubic yards (330,000 m) of fill added to the grounds meant to raise buildings 8 feet (2.4 m) above the high-water mark of a flood event. During severe flooding due to the Great Coastal Gale of 2007 , the airfield was underwater by as much 8 feet (2.4 m) and 2 inches (5.1 cm) of silt and mud covered

6930-440: The airport itself instead of the city it serves, while another code is reserved which refers to the city itself which can be used to search for flights to any of its airports. For instance: Or using a code for the city in one of the major airports and then assigning another code to another airport: When different cities with the same name each have an airport, they need to be assigned different codes. Examples include: Sometimes,

7040-460: The airport land and the following year, ownership of the airfield was officially transferred to the city and the site run cooperatively with the county. After several local government delays, by September 1961 an official airport partnership between Centralia, Chehalis, and Lewis County was formed. The second runway was decommissioned beginning with efforts in 1978 to convert the land into a commercial area for retail businesses. Centralia withdrew from

7150-478: The airport was a base for 56 aircraft; over half the flight operations were listed as belonging to small business jets. A reproduction of a Douglas World Cruiser , known as the Seattle II , was stored at the airport in the early 2020s. Originally meant to be flown to retrace the route of the original Seattle during the first aerial circumnavigation of the planet in 1924, international complications prevented

7260-623: The airport was awarded $ 59,000 through the Airport Rescue Grant via the American Rescue Plan Act of 2021 due to COVID-19 pandemic economic hardships. Airport landholdings expanded in late 2023 with a $ 316,000 purchase of a surplus property owned by the city. Known as the Barnes property, it is located directly south of Airport Lake and though the land is within the levee, the area is prone to minor flooding due to

7370-418: The airport's former name, such as Orlando International Airport 's MCO (for Mc C o y Air Force Base), or Chicago's O'Hare International Airport , which is coded ORD for its original name: Or char d Field. In rare cases, the code comes from the airport's unofficial name, such as Kahului Airport 's OGG (for local aviation pioneer Jimmy H ogg ). In large metropolitan areas, airport codes are often named after

7480-647: The application of CBA to public policies include the Canadian guide for regulatory analysis, the Australian guide for regulation and finance, and the US guides for health-care and emergency-management programs. CBA for transport investment began in the UK with the M1 motorway project and was later used for many projects, including the London Underground 's Victoria line . The New Approach to Appraisal (NATA)

7590-586: The city's ChehalisFest celebration, the airport hosts free flights for children and teenagers. Referred to as " Young Eagle Flights ", a chapter of the EAA, young flyers may even briefly handle the controls of the aircraft. The airport has been host as a layover stop for the Goodyear Blimp during trips along the West Coast. The blimp, visiting every few years, provides free tour flights while stationed at

7700-502: The code SHA, while the newer Shanghai–Pudong adopted PVG. The opposite was true for Berlin : the airport Berlin–Tegel used the code TXL, while its smaller counterpart Berlin–Schönefeld used SXF; the Berlin Brandenburg Airport has the airport code BER, which is also part of its branding. The airports of Hamburg (HAM) and Hannover (HAJ) are less than 100 nautical miles (190 km) apart and therefore share

7810-487: The discount rate (to have uncertainty increasing over time), it is usually considered separately. Particular consideration is often given to agent risk aversion : preferring a situation with less uncertainty to one with greater uncertainty, even if the latter has a higher expected return . Uncertainty in CBA parameters can be evaluated with a sensitivity analysis , which indicates how results respond to parameter changes. A more formal risk analysis may also be undertaken with

7920-598: The distant future. For publicly traded companies, it is possible to find a project's discount rate by using an equilibrium asset pricing model to find the required return on equity for the company and then assuming that the risk profile of a given project is similar to that the company faces. Commonly used models include the capital asset pricing model (CAPM): r = r f + β [ E ( r M ) − r f ] {\displaystyle r=r_{f}+\beta \left[\mathbb {E} (r_{M})-r_{f}\right]} and

8030-886: The end. Examples include: A lot of minor airfields without scheduled passenger traffic have ICAO codes but not IATA codes, since the four letter codes allow more number of codes, and IATA codes are mainly used for passenger services such as tickets, and ICAO codes by pilots. In the US, such airfields use FAA codes instead of ICAO. There are airports with scheduled service for which there are ICAO codes but not IATA codes, such as Nkhotakota Airport/Tangole Airport in Malawi or Chōfu Airport in Tokyo, Japan. There are also several minor airports in Russia (e.g., Omsukchan Airport ) which lack IATA codes and instead use internal Russian codes for booking. Flights to these airports cannot be booked through

8140-498: The field. Several businesses of various size and notability operate on airport land which is part of Chehalis' Twin City Town Center district. The CLS began its commercial and retail business expansion in 1993 by leasing over 15 acres (6.1 ha) to Wal-Mart for a lump sum payment of $ 1.8 million. The airport used a portion of the funds for improvements to airport facilities. Further large companies followed, such

8250-481: The first recorded night flights in the region, and after a week of performances, survived a crash north of Centralia at Waunch Prairie, ending his flying pursuits in the Twin Cities. Other early aviators include the first woman pilot, listed only as Mrs. Crown, and Kenneth Arnold, famed for his report on flying saucers in 1947 . Scott Crossfield , a test pilot, grew up in nearby Boistfort, Washington and used

8360-557: The first three letters of the city in which it is located, for instance: The code may also be a combination of the letters in its name, such as: Sometimes the airport code reflects pronunciation, rather than spelling, namely: For many reasons, some airport codes do not fit the normal scheme described above. Some airports, for example, cross several municipalities or regions, and therefore, use codes derived from some of their letters, resulting in: Other airports—particularly those serving cities with multiple airports—have codes derived from

8470-478: The following format: Most large airports in Canada have codes that begin with the letter "Y", although not all "Y" codes are Canadian (for example, YUM for Yuma, Arizona , and YNT for Yantai , China), and not all Canadian airports start with the letter "Y" (for example, ZBF for Bathurst, New Brunswick ). Many Canadian airports have a code that starts with W, X or Z, but none of these are major airports. When

8580-597: The form of " YYZ ", a song by the rock band Rush , which utilizes the Morse code signal as a musical motif. Some airports have started using their IATA codes as brand names , such as Calgary International Airport (YYC) and Vancouver International Airport (YVR). Numerous New Zealand airports use codes that contain the letter Z, to distinguish them from similar airport names in other countries. Examples include HLZ for Hamilton , ZQN for Queenstown , and WSZ for Westport . Predominantly, airport codes are named after

8690-681: The historic attempt. The Liberty V-12 engine-powered craft was flown over Boeing Field for the company's 100th anniversary and is being decommissioned, with plans to be installed at the Museum of Flight in Tukwila, Washington . The Airport Levee Trail is mixed paved-gravel path built atop the dike surrounding the airport and loops for 3.5 miles (5.6 km) around the airfield and the Twin City Town Center. Built in large part by community efforts and $ 300,000 in funding from TransAlta ,

8800-587: The history of the airfield, visitors can also watch aircraft operations. The signs include graphics detailing the life history of Scott Crossfield. As of 2024, the Chehalis–Centralia Airport is not served by a commercial airline. West Coast Airlines (WCA) previously operated scheduled flights, including round-trips, from Chehalis beginning in October 1946. The original aircraft used was a Douglas DC-3 Mainliner, seating 21 passengers. Airmail service

8910-573: The installation of the lighting began. The grounds were also prepared for use as an emergency airstrip. Management of the airport was undertaken by the St. John Air Service from the late 1920s into the mid-1930s. During this time, the Queen of the Cowlitz , a sister airship to Charles Lindbergh's, Spirit of St. Louis , was based at Donahoe Field. In 1941, the airfield, still listed as hosting three airstrips,

9020-487: The international air booking systems or have international luggage transferred there, and thus, they are booked instead through the airline or a domestic booking system. Several heliports in Greenland have 3-letter codes used internally which might be IATA codes for airports in faraway countries. There are several airports with scheduled service that have not been assigned ICAO codes that do have IATA codes, especially in

9130-526: The joint operating agreement in 2004 due to concerns over contract violations, liability, and cost-benefits . Lewis County, which had been a 50% co-owner of the airport with the city of Chehalis since 1961, also relinquished its rights to the airfield in late 2013 despite opposition from the Chehalis-Centralia Airport board. The county considered the joint-ownership to be cumbersome and unnecessary. Concerns included that county involvement

9240-469: The measures would not have been implemented (although all are considered highly successful). The US Clean Air Act has been cited in retrospective studies as a case in which benefits exceeded costs, but knowledge of the benefits (attributable largely to the benefits of reducing particulate pollution ) was not available until many years later. A generic cost–benefit analysis has the following steps: In United States regulatory policy, cost-benefit analysis

9350-453: The more familiar task of measuring costs and benefits". The challenge raised is that it is possible for the benefits of successive policies to consistently accrue to the same group of individuals, and CBA is ambivalent between providing benefits to those that have received them in the past and those that have been consistently excluded. Policy solutions, such as progressive taxation can address some of these concerns. Others have critiqued

9460-612: The name of the airport itself, for instance: This is also true with some cities with a single airport (even if there is more than one airport in the metropolitan area of said city), such as BDL for Hartford, Connecticut 's B ra dl ey International Airport or Baltimore's BWI, for B altimore/ W ashington I nternational Airport ; however, the latter also serves Washington, D.C. , alongside Dulles International Airport (IAD, for I nternational A irport D ulles) and Ronald Reagan Washington National Airport (DCA, for D istrict of C olumbia A irport). The code also sometimes comes from

9570-416: The one they are located in: Other airport codes are of obscure origin, and each has its own peculiarities: In Asia, codes that do not correspond with their city's names include Niigata 's KIJ , Nanchang 's KHN and Pyongyang 's FNJ . EuroAirport Basel Mulhouse Freiburg , which serves three countries, has three airport codes: BSL, MLH, EAP. Some cities have a name in their respective language which

9680-457: The poor. Sometimes this is framed in terms of an argument about democracy, that each person's preferences should be given the same weight in an analysis (one person one vote), while under a standard CBA model the preferences of the wealthy are given greater weight. Taken together, according to this objection, not using weights is a decision in itself – richer people receive de facto a bigger weight. To compensate for this difference in valuation, it

9790-465: The potential harmful impacts of climate change. The growing relevance of climate change has led to a re-examination of the practice of discounting in CBA. These biases can lead to biased resource allocation. The main criticism stems from the diminishing marginal utility of income. According to this critique, without using weights in the CBA, it is not the case that everyone "matters" the same but rather that people with greater ability to pay receive

9900-406: The practice of discounting future costs and benefits for a variety of reasons, including the potential undervaluing of the temporally distant cost of climate change and other environmental damage, and the concern that such a practice effectively ignores the preferences of future generations. Some scholars argue that the use of discounting makes CBA biased against future generations, and understates

10010-496: The program offers a flight academy with the possibility to earn a pilot's license. The airport also hosts a chapter of the Experimental Aircraft Association (EAA) Flying Start Program, a guidance course meant for adults over the age of 18. The half-day class provides free mentorship, a first flight, and instructions on how to continue flight training in the future. An annual event that coincides with

10120-496: The public has no legal right to the benefits of the policy), or willingness to accept compensation (implying that the public has a right to the benefits of the policy) for the policy's welfare change. The guiding principle of evaluating benefits is to list all parties affected by an intervention and add the positive or negative value (usually monetary) that they ascribe to its effect on their welfare. The actual compensation an individual would require to have their welfare unchanged by

10230-537: The regulatory process. The use of CBA in the regulatory process continued under the Obama administration, along with the debate about its practical and objective value. Some analysts oppose the use of CBA in policy-making, and those in favor of it support improvements in analysis and calculations. As a concept in economics, cost-benefit analysis has provided a valuable reference for many public construction and governmental decisions, but its application has gradually revealed

10340-506: The regulatory process. After campaigning on a deregulation platform, he issued the 1981 EO authorizing the Office of Information and Regulatory Affairs (OIRA) to review agency regulations and requiring federal agencies to produce regulatory impact analyses when the estimated annual impact exceeded $ 100 million. During the 1980s, academic and institutional critiques of CBA emerged. The three main criticisms were: These criticisms continued under

10450-581: The runway. During the ordeal, the original 1942 pump failed, forcing an intentional break of the levee that led to increased damages in the community. In preparation of a 2009 flood, fifty aircraft that could not be evacuated were moved to atop the levee. A modern, electric two-pump station was completed in 2018 with funding provided by the Chehalis River Basin Authority at a cost of $ 1.14 million. The pumps, able to siphon as much as 12,000 gallons per minute, worked without fail during

10560-506: The same first and middle letters, indicating that this rule might be followed only in Germany. Many cities retain historical names in their airport codes, even after having undergone an official name/spelling/transliteration change: Some airport codes are based on previous names associated with a present airport, often with a military heritage. These include: Some airports are named for an administrative division or nearby city, rather than

10670-489: The state, and is considered "financially self-sustaining", generating $ 1.2 million in tax revenue to Chehalis and Lewis County and an additional $ 7.8 million for Washington state. As of 2023, the 2018 levee pump build was estimated to have a return on investment of $ 39 for every $ 1 in construction cost, protecting approximately $ 45 million in property. IATA airport code An IATA airport code , also known as an IATA location identifier , IATA station code , or simply

10780-500: The station code of Malton, Mississauga , where it is located). YUL is used for Montréal–Trudeau (UL was the ID code for the beacon in the city of Kirkland , now the location of Montréal–Trudeau). While these codes make it difficult for the public to associate them with a particular Canadian city, some codes have become popular in usage despite their cryptic nature, particularly at the largest airports. Toronto's code has entered pop culture in

10890-466: The sum of each user's willingness to pay, Dupuit illustrated that the social benefit of the thing (bridge or road or canal) could be measured. Some users may be willing to pay nearly nothing, others much more, but the sum of these would shed light on the benefit of it. It should be reiterated that Dupuit was not suggesting that the government perfectly price-discriminate and charge each user exactly what they would pay. Rather, their willingness to pay provided

11000-500: The trail was first available for use in 2010. The trail provides additional views of the Riverside Golf Course, surrounding farmland, and views of the Chehalis River. The Chehalis-Centralia Airport is home to a collage mural, Chehalis Celebrates Aviation , that highlights airplane history in the city. An interpretive park is located at the south end entrance of the airstrip. Containing sheltered interpretive panels on

11110-515: The two-letter code of the radio beacons that were the closest to the actual airport, such as YQX in Gander or YXS in Prince George . Four of the ten provincial capital airports in Canada have ended up with codes beginning with YY, including: Canada's largest airport is YYZ for Toronto Pearson (as YTZ was already allocated to Billy Bishop Toronto City Airport , the airport was given

11220-529: The use of two letters allowed only a few hundred combinations; a three-letter system of airport codes was implemented. This system allowed for 17,576 permutations, assuming all letters can be used in conjunction with each other. Since the U.S. Navy reserved "N" codes, and to prevent confusion with Federal Communications Commission broadcast call signs , which begin with "W" or "K", the airports of certain U.S. cities whose name begins with one of these letters had to adopt "irregular" airport codes: This practice

11330-466: The value of human life can be influenced by income level. Variants, such as cost–utility analysis , QALY and DALY to analyze the effects of health policies, may be more suitable. For some environmental effects, cost–benefit analysis can be replaced by cost-effectiveness analysis . This is especially true when one type of physical outcome is sought, such as a reduction in energy use by an increase in energy efficiency. Using cost-effectiveness analysis

11440-459: Was also part of the dedication. In 1928, the first hangar was built. Existing in the present day, it measured 5,000 square feet (460 m) at its beginning. During the same year, the county purchased an additional 50 acres (20 ha) to expand the airfield. The grounds contained three airstrips and buildings in Chehalis were marked with directional arrows. The city of Chehalis was one of 11 locations, which included Portland and Seattle, to receive

11550-530: Was developed to represent the non-tangible value of resources such as national parks. CBA was expanded to address the intangible and tangible benefits of public policies relating to mental illness, substance abuse, college education, and chemical waste. In the US, the National Environmental Policy Act of 1969 required CBA for regulatory programs; since then, other governments have enacted similar rules. Government guidebooks for

11660-420: Was formalized in subsequent works by Alfred Marshall . Jules Dupuit pioneered this approach by first calculating "the social profitability of a project like the construction of a road or bridge" In an attempt to answer this, Dupuit began to look at the utility users would gain from the project. He determined that the best method of measuring utility is by learning one's willingness to pay for something. By taking

11770-432: Was increased in size after an additional 81 acres (33 ha) were purchased. By the start of World War II , the airport covered 295 acres (119 ha), and became known as the County-City Airport. During the war, the federal government seized the airport, using it as a training facility for new pilots and a practice strip for Boeing bombers, and also developed two 5,000 feet (1,500 m) runways. In 1959, Chehalis annexed

11880-675: Was later introduced by the Department for Transport, Environment and the Regions . This presented balanced cost–benefit results and detailed environmental impact assessments . NATA was first applied to national road schemes in the 1998 Roads Review, and was subsequently rolled out to all transport modes. Maintained and developed by the Department for Transport , it was a cornerstone of UK transport appraisal in 2011. The European Union 's Developing Harmonised European Approaches for Transport Costing and Project Assessment (HEATCO) project, part of

11990-1025: Was possibly hindering growth and funding or completion of flood mitigation projects. Additionally, the city of Chehalis had, for some time, almost complete oversight and interest of the airport. The transfer of full-ownership to Chehalis was official on January 1, 2014. In 2020, the airport was granted a loan through the Washington State Department of Transportation (WSDOT), with an estimated completion cost of $ 1.48 million, to construct two, 12,000 US gallons (45,000 L; 10,000 imp gal) above-ground fuel storage tanks, with additional requirements towards environmental hazard mitigation, emergency preparedness, contamination control, and "cultural resource monitoring". The Aviation Division of WSDOT chose Chehalis–Centralia Airport in 2021 as one of six beta-test sites in Washington state to be used as an airfield for electric aircraft. The same year,

12100-565: Was provided the following month. Evening flights were temporarily suspended in summer 1953 by request of the WCA after an unlighted TV tower antenna was constructed 1,500 feet (457.2 m) from the end of the runway. Due to limited passenger numbers, WCA terminated their contract with the airport in September 1958. The Lewis County Civil Air Patrol is stationed at the airport. Providing limited free instruction to people as young as 12 years old,

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