Cost-Benefit Analysis

doi:10.1017/CBO9780511521942

Should India build a new steel mill, or London an urban motorway? Should higher education expand, or water supplies be improved? These are typical questions about which cost-benefit analysis has something to say. It is the main tool that economics provides for analysing problems of social choice. It also provides a useful vehicle for understanding the practical value of welfare economics. This new book of readings covers all the main problems that arise in a typical cost-benefit exercise. It is entirely up-to-date, reflecting the most recent research in the area. Part I covers the main theoretical issues affecting cost-benefit analysis. Part II considers the problem of ascribing a monetary value to things. The third part covers six separate case studies drawn from real-life examples. The book begins with an extended elementary introduction written by the editors.

‘The introduction is an excellent review of the basic principles of cost benefit analysis, and the readings are definitive. An excellent basis for a course.’

Geoffrey Heal - Columbia University

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Contents

Frontmatter
pp i-viii
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Contents
pp ix-x
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Introduction
pp 1-56
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PART I - THEORETICAL ISSUES
pp 57-58
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1 - Shadow prices and markets: Policy reform, shadow prices and market prices
pp 59-99
- By Jean Drèze, Nicholas Stern
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2 - Shadow prices and markets: Feasibility constraints: foreign exchange and shadow wages
pp 100-115
- By A.K. Sen
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3 - Discount rates: The rate of discount for benefit–cost analysis and the theory of the second best
pp 116-159
- By Joseph E. Stiglitz
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4 - Risk and uncertainty: Uncertainty and the evaluation of public investment decisions
pp 160-178
- By K.J. Arrow, R.C. Lind
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5 - Income distribution: Allowing for income distribution
pp 179-198
- By R. Layard, A. A. Walters
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6 - The costs and benefits of analysis: Project appraisal and planning twenty years on
pp 199-232
- By I.M.D. Little, J.A. Mirrlees
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PART II - HOW TO VALUE THINGS
pp 233-234
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7 - Time savings: Research into the value of time
pp 235-271
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8 - Safety and the saving of life: The theory of equalizing differences
pp 272-289
- By Sherwin Rosen
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9 - Safety and the saving of life: The economics of safety and physical risk
pp 290-318
- By M.W. Jones-Lee
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10 - The environment: The environment and emerging development issues
pp 319-348
- By Partha Dasgupta, Karl-Göran Mäler
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11 - Exhaustible resources: Resource depletion, research and development and the social rate of discount
pp 349-372
- By Partha Dasgupta
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PART III - CASE STUDIES
pp 373-374
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12 - Regulation and deregulation: Enhancing the performance of the deregulated air transportation system
pp 375-395
- By Steven A. Morrison, Clifford Winston
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13 - Pricing: Pricing and congestion: economic principles relevant to pricing roads
pp 396-417
- By David M. Newbery
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14 - Public transport: The allocation of urban public transport subsidy
pp 418-427
- By Stephen Glaister
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15 - Health care: QALYs and the equity–efficiency tradeoff
pp 428-447
- By Adam Wagstaff
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16 - Infrastructure: Water vending activities in developing countries
pp 448-463
- By Dale Whittington, Donald T. Lauria, Daniel A. Okun, Xinming Mu
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17 - The environment: Assessing the social rate of return from investment in temperate zone forestry
pp 464-490
- By David W. Pearce
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Index
pp 491-497
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Cost-Benefit Analysis

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Contents

Frontmatter
pp i-viii

Contents
pp ix-x

Introduction
pp 1-56

PART I - THEORETICAL ISSUES
pp 57-58

1 - Shadow prices and markets: Policy reform, shadow prices and market prices
pp 59-99

2 - Shadow prices and markets: Feasibility constraints: foreign exchange and shadow wages
pp 100-115

3 - Discount rates: The rate of discount for benefit–cost analysis and the theory of the second best
pp 116-159

4 - Risk and uncertainty: Uncertainty and the evaluation of public investment decisions
pp 160-178

5 - Income distribution: Allowing for income distribution
pp 179-198

6 - The costs and benefits of analysis: Project appraisal and planning twenty years on
pp 199-232

PART II - HOW TO VALUE THINGS
pp 233-234

7 - Time savings: Research into the value of time
pp 235-271

8 - Safety and the saving of life: The theory of equalizing differences
pp 272-289

9 - Safety and the saving of life: The economics of safety and physical risk
pp 290-318

10 - The environment: The environment and emerging development issues
pp 319-348

11 - Exhaustible resources: Resource depletion, research and development and the social rate of discount
pp 349-372

PART III - CASE STUDIES
pp 373-374

12 - Regulation and deregulation: Enhancing the performance of the deregulated air transportation system
pp 375-395

13 - Pricing: Pricing and congestion: economic principles relevant to pricing roads
pp 396-417

14 - Public transport: The allocation of urban public transport subsidy
pp 418-427

15 - Health care: QALYs and the equity–efficiency tradeoff
pp 428-447

16 - Infrastructure: Water vending activities in developing countries
pp 448-463

17 - The environment: Assessing the social rate of return from investment in temperate zone forestry
pp 464-490

Index
pp 491-497

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