Open AccessBook
Cost-Benefit Analysis
E.J. Mishan,Euston Quah +1 more
TLDR
Costbenefit analysis (CBA) is the systematic and analytical process of comparing benefits and costs in evaluating the desirability of a project or program as mentioned in this paper, often of a social nature, and is fundamental to government decision making and is established as a formal technique for making informed decisions on the use of society's scarce resources.Abstract:
Cost-benefit analysis (CBA) is the systematic and analytical process of comparing benefits and costs in evaluating the desirability of a project or programme – often of a social nature. It attempts to answer such questions as whether a proposed project is worthwhile, the optimal scale of a proposed project and the relevant constraints. CBA is fundamental to government decision making and is established as a formal technique for making informed decisions on the use of society’s scarce resources.
This timely sixth edition of the classic Cost-Benefit Analysis text continues to build on the successful approach of previous editions, with lucid explanation of key ideas, simple but effective expository short chapters and an appendix on various useful statistical and mathematical concepts and derivatives. The book examines important developments in the discipline, with relevant examples and illustrations as well as new and expanded chapters which build upon standard materials on CBA. Highlights include:
updated historical background of CBA
extended non-market goods valuation methods
the impact of uncertainty
evaluation of programmes and services
behavioural economics
decision rules and heuristics
CBA and regulatory reforms
CBA in developed and developing countries
value of household production
other topics frequently encountered in CBA, such as costs of diseases and air pollution, and value of statistical life.
This book is a valuable source and guide to international funding agencies, governments, interested professional economists and senior undergraduate and graduate students.
The text is fully supported by a companion website, which includes discussion questions and PowerPoint slides for each chapter.read more
Citations
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Journal ArticleDOI
Benefit-Cost Analysis of FEMA Hazard Mitigation Grants
Adam Rose,Keith Porter,Nicole Dash,Jawhar Bouabid,Charles K. Huyck,John C. Whitehead,Douglass Shaw,Ronald T. Eguchi,Craig E. Taylor,Thomas R. McLane,L. Thomas Tobin,Philip T. Ganderton,David R. Godschalk,Anne S. Kiremidjian,Kathleen J. Tierney,Carol Taylor West +15 more
TL;DR: In this article, the authors applied Benefit-Cost Analysis (BCA) methodologies to a statistical sample of nearly 5,500 Federal Emergency Management Agency (FEMA) mitigation grants between 1993 and 2003 for earthquake, flood, and wind hazards.
Journal ArticleDOI
Efficiency and Equity in Public Research: Rice Breeding in Japan's Economic Development
Masakatsu Akino,Yujiro Hayami +1 more
TL;DR: In this article, the authors argue that the extremely high rate of returns to rice research in Japan provides evidence that an underinvestment in agricultural research is typical, and that public support is required in order to attain a socially optimum level of investment in research.
Journal ArticleDOI
Cost-benefit analysis.
TL;DR: Cost-benefit analysis is probably the most comprehensive method of economic evaluation available and the most successful that has been devised so far is the "willingness to pay" (stated preference) approach, though the response to this is to a large extent dependent on the income of the person being questioned.
Journal ArticleDOI
Value functions for infinite-period planning
TL;DR: In this paper, an alternative means of modeling tradeoffs between different periods that accords the future far more importance than present value discounting is presented. But it is no more difficult to apply.