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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The Economic Rate of Return of World Bank Projects
TL;DR: In this article, the authors present some stylized facts of the evolution of the economic rate of return (ERR) of World Bank projects and propose a work program oriented to revive the practice and enhance the quality of economic analysis in the World Bank.
Journal ArticleDOI
Economic Evaluation of Urban Track Systems: Integration of Life Cycle Costs and Socio-Economic Assessment
TL;DR: In this paper, an integrated LCC-SEC methodology has been developed to assess the Life Cycle Costs (LCC) and Socio-Economic Costs (SEC) of the newly developed systems before and after implementation, which provides a transparent overview of the socioeconomic costs for a certain location or the performance of a certain system on different locations.
Book ChapterDOI
Stated and Revealed Preference Analysis: Cost—Benefit Analysis, Democracy and Multiple-Objective Decision-Making
TL;DR: In this article, the authors argue that cost-benefit analysis values a restricted set of options and gives minimal scope for interaction with decision-makers, and the need is to filter such values from costbenefit analysis.
Posted Content
Canadian Regulatory Cost-Benefit Analysis Guide
TL;DR: In this article, the authors present a cost benefit analysis guide for the evaluation of regulatory proposal in Canada, which highlights the importance of identifying and measuring the economic benefits and costs as an essential input into the design process of regulatory actions.