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Cost-Benefit Analysis
Concepts and Practice

5th Edition


  • Date Published: August 2018
  • availability: In stock
  • format: Paperback
  • isbn: 9781108401296
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About the Authors
  • Cost-Benefit Analysis provides accessible, comprehensive, authoritative, and practical treatments of the protocols for assessing the relative efficiency of public policies. Its review of essential concepts from microeconomics, and its sophisticated treatment of important topics with minimal use of mathematics helps students from a variety of backgrounds build solid conceptual foundations. It provides thorough treatments of time discounting, dealing with contingent uncertainty using expected surpluses and option prices, taking account of parameter uncertainties using Monte Carlo simulation and other types of sensitivity analyses, revealed preference approaches, stated preference methods including contingent valuation, and other related methods. Updated to cover contemporary research, this edition is considerably reorganized to aid in student and practitioner understanding, and includes eight new cases to demonstrate the actual practice of cost-benefit analysis. Widely cited, it is recognized as an authoritative source on cost-benefit analysis. Illustrations, exhibits, chapter exercises, and case studies help students master concepts and develop craft skills.

    • Written in a highly readable and user-friendly style to provide a comprehensive take on cost-benefit analysis
    • Spreadsheet exercises will allow students to work with numbers and assumptions so instructors can increase the level and range of the problems assigned
    • Case studies and exhibits throughout the text show actual applications of cost-benefit analysis
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    Reviews & endorsements

    'For measuring the social returns to public investments, this is the preeminent source of wisdom and guidance by the recognized experts. The fifth edition of Cost-Benefit Analysis must surely be designated as the classic treatment on the topic, encyclopedic in its coverage and authoritative in its wisdom.' Henry M. Levin, William Kilpatrick Professor of Economics and Education, Columbia University and David Jacks Professor of Education and Economics, Emeritus, Stanford University

    'What makes this manual unique is the extensive combination of basic microeconomics concepts with a wide range of worked examples, case studies, references to empirical literature, and helpful exercises. The new edition provides a better flow of the arguments and a richer selection of material from real world applications to project and policy evaluation.' Massimo Florio Florio, Università degli Studi di Milano and former Scientific Coordinator, European Commission

    'With up-to-date analyses and examples from across social and environmental studies, this new edition reaffirms the book's position as the premier rigorous treatment of cost-benefit analysis for researchers, policy professionals, and decision-makers.' Clive Belfield, Queens College, City University of New York

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    Customer reviews

    11th Feb 2020 by MaryEllenBenedict

    This is the best text I've found for teaching CBA to public policy students. I would suggest creating more problems for the instructor, since the textbook doesn't come out often and many of the problems are the same as from previous editions.

    Review was not posted due to profanity


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    Product details

    • Edition: 5th Edition
    • Date Published: August 2018
    • format: Paperback
    • isbn: 9781108401296
    • length: 520 pages
    • dimensions: 247 x 191 x 25 mm
    • weight: 1.29kg
    • availability: In stock
  • Table of Contents

    1. Introduction to cost-benefit analysis
    2. Conceptual foundations of cost-benefit analysis
    3. Microeconomic foundations of cost-benefit analysis
    4. Valuing impacts from observed behavior: direct estimation of demand schedules
    Case: use of demand schedules in regulatory impact analyses
    5. Valuing impacts in output markets
    6. Valuing impacts in input markets
    7. Valuing impacts in secondary markets
    8. Predicting and monetizing impacts
    Case: WSIPP CBA of the nurse-family partnership program
    9. Discounting future impacts and handling inflation
    Case: a CBA of the North-East mine development project
    10. The social discount rate
    11. Dealing with uncertainty: expected values, sensitivity analysis, and the value of information
    Case: using Monte Carlo simulation: assessing the net benefits of early detection of Alzheimer's Disease
    12. Risk, option price and option value
    13. Existence value
    14. Valuing impacts from observed behavior: experiments and quasi experiments
    Case: findings from CBAs of welfare-to-work programs
    15. Valuing impacts from observed behavior: indirect market methods
    16. Contingent valuation: using surveys to elicit information about costs and benefits
    Case: using contingent valuation to estimate benefits from higher education
    17. Shadow prices from secondary sources
    Case: shadow pricing a high school diploma
    18. Cost-effectiveness analysis and cost-utility analysis
    19. Distributionally weighted CBA
    Case: the Tulsa IDA account program
    20. How accurate is CBA?

  • Authors

    Anthony E. Boardman, University of British Columbia, Vancouver
    Anthony E. Boardman is a professor at the University of British Columbia, Vancouver. With colleagues, he has won the Peter Larkin Award, the Alan Blizzard Award, the John Vanderkamp prize, and the J. E. Hodgetts Award. He has also been a consultant to many leading public sector and private sector organisations, including the Government of Canada and the Inter-American Development Bank. He served two terms on the Patented Medicine Prices Review Board and is currently on the Board of the Institute for Health System Transformation and Sustainability.

    David H. Greenberg, University of Maryland, Baltimore County
    David H. Greenberg is Professor Emeritus of Economics at the University of Maryland, Baltimore County (UMBC). He is a labor economist and cost-benefit analyst who received his Ph.D. at Massachusetts Institute of Technology. Before coming to UMBC, he worked for the Rand Corporation, SRI International, and the US Department of Health and Human Services. He has taught courses in cost-benefit analysis at the University of Wisconsin-Madison, George Washington University, Budapest University of Economic Science, and the Central European University, Budapest. He is a long time consultant to MDRC, Abt Associates and other research organizations.

    Aidan R. Vining, Simon Fraser University, British Columbia
    Aidan R. Vining is the CNABS Professor of Business and Government Relations at Simon Fraser University, British Columbia. With co-authors, he is a winner of the John Vanderkamp prize (Canadian Economics Association) and the J. E. Hodgetts Award (Institute of Public Administration of Canada). With David Weimer, he is the co-author of Policy Analysis; Concepts and Practice (2017).

    David L. Weimer, University of Wisconsin, Madison
    David L. Weimer is the Edwin E. Witte Professor of Political Economy at the University of Wisconsin, Madison. He was president of the Association for Public Policy Analysis and Management in 2006 and president of the Society for Benefit-Cost Analysis in 2013. He is a past editor of the Journal of Policy Analysis and Management and currently serves on many editorial boards. He is also a Fellow of the National Academy of Public Administration.

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