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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Book ChapterDOI
Conceptual Framework for Regulatory Benefits Assessment
TL;DR: The present chapter provides guidance on procedural issues related to benefits assessment by focusing on how to evaluate the definitiveness of an analysis and its contribution to policy making.
Journal ArticleDOI
The Efficiency Potential in Social Programs: Accounting for Heterogeneity in Benefit-Cost Analysis 1
TL;DR: In this paper, the authors introduce the efficiency potential, defined as the ratio between the net benefit achieved under perfect selection of the individuals with significant positive net benefit of program participation, and the actually realized benefits net of costs.
Book ChapterDOI
Optimizing the Cost-Effectiveness of a Multicomponent Intervention Using Data from a Factorial Experiment: Considerations, Open Questions, and Tradeoffs Among Multiple Outcomes
TL;DR: This chapter will review the issues involved in making cost-effectiveness judgments using the results of factorial experiments and explore some possibilities for further methodological research on how best to estimate and compare cost-Effectiveness using the Results of Factorial experiments.