By constructing a socioeconomic model within the framework of the multiregional general equilibrium theory, this paper proposes a matrix for an urban transport improvement project that illustrates the relationship between benefit generation and incidence. On this matrix the benefit/loss associated with each sector (household, private firm, absentee landowner, public transport corporation, and government) and associated with each item (transport, land, tax, fare revenue, and project surplus/loss) are indicated clearly, so that the social efficiency and equity of the project can easily be discussed.