This paper discusses the current state-of-the-art with respect to impact assessment and cost-benefit analysis of measures designed to improve safety or mobility for pedestrians and cyclists. The study concludes that a number of impacts that are likely to regarded as important for pedestrians and cyclists are not included in current impact assessments and cost-benefit analyses as these are made in Norway. Impacts that are not currently included in impact assessments and cost-benefit analyses are: (a) changes in the amount of walking and cycling; (b) changes in travel time for pedestrians and cyclists; (c) changes in road user insecurity (feeling of safety); and (d) changes in road user health state. In order to include these effects in impact assessments and cost-benefit analyses, more needs to be known about their occurrence and monetary value. Hypothetical examples of ideally designed cost-benefit analyses are given, based on highly preliminary monetary values for travel time, insecurity and generalised costs of travel for pedestrians and cyclists. These analyses indicate that inclusion of these effects in cost-benefit analyses could make a major difference for the results of those analyses.