Cost-Benefit Analysis

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.

Part I. Introduction: Part II. Theoretical Issues: 1. Policy reform, shadow prices and market prices J. Drè
ze and N. Stern
2. Feasibility constraints: foreign exchange shadow wages A. K. Sen
3. The rate of discount for cost benefit analysis and the theory of the second best J. E. Stiglitz
4. Uncertainty and the evaluation of public investment decisions K. J. Arrow and R. C. Lind
5. Allowing for income distributions R. Layard and A. A. Walters
6. Project appraisal and planning twenty years on I. M. D. Little and J. A. Mirrlees
Part III. How to Value Things: 7. Research into the value of time The MVA Consultancy et al.
8. The theory of equalising differences S. Rosen
9. The economics of safety and physical risk M. W. Jones-Lee
10. The environment and emerging development issues P. Dasgupta and K. Maler
11. Resource depletion, research and development, and the social rate of discount P. Dasgupta
Part IV. Case Studies: 12. Enhancing the performance of the deregulated air transportation system S. A. Morrison and C. Winston
13. Pricing and congestion: economic principles relevant to pricing roads D. Newbery
14. The allocation of urban transport subsidy S. Glaister
15. QUALYs and equity-efficiency tradeoff A. Wagstaff
16. Water vending activities in developing countries D. Whittington, D. T. Lauria, D. A. Okun, and X. Mu
17. Assessing the social rate of return from investment in temperate zone forestry D. W. Pearce.

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Cost-Benefit Analysis

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Table of Contents

Supplemental Materials