ARTIKEL i ResearchGate av J. Rich (DTU), Anders Fjendbo Jensen m.fl. – The paper carries out a cost-benefit assessment of an ambitious cycle superhighway infrastructure for the Greater Copenhagen area. In the analysis, we differentiate between e-bikes and conventional bikes to account for differences in the estimated consumer surplus with respect to travel time savings, external health benefits and safety costs. The assessment shows that the investigated bike infrastructure is beneficial with a rate of return on investment between 8%-28% depending on the assumptions. It is revealed that increasing shares of e-bikes render lower benefits. This is because e-bikes provide lower health benefits, which cannot outweigh the increased surplus from travel time savings. The study also suggest that most benefits are non-local benefits. This further suggests that, while bike infrastructure investments historically have been undertaken by municipalities and local authorities, it could be relevant to revise the role of the investment strategy from the state perspective.