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Cost Benefit Analysis: Concepts and Practice

ISBN: 9780131435834 | 0131435833
Edition: 3rd
Format: Paperback
Publisher: Prentice Hall
Pub. Date: 1/1/2006

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SummaryTable of Contents
For courses in Cost-Benefit Analysis, taught in Economics Departments, Public Policy Departments, and Public Administration Departments. Also ideal forpracticing policy analysts andpublic managers.This authoritative, market leading book is distinct for it's consistent application of a nine-step framework for conducting or interpreting a cost-benefit analysis.
Prefacexiii
PART I: OVERVIEW
1(50)
Introduction to Cost-Benefit Analysis
1(25)
... MORE
Individual Versus Social Costs and Benefits
1(1)
The Purpose and Uses of CBA
2(3)
The Demand for CBA
5(1)
The Cost of CBA
6(1)
Readers of This Book
6(1)
The Basic Steps of CBA: Coquihalla Highway Example
7(11)
Bureaucratic and Political ``Lenses''
18(8)
Conceptual Foundations of Cost-Benefit Analysis
26(25)
CBA as a Framework for Measuring Efficiency
26(4)
Using CBA for Decision Making
30(3)
Fundamental Issues Related to Willingness-to-Pay
33(6)
Concerns About the Role of CBA in the Political Process
39(2)
Limitations of CBA: Other Analytical Approaches
41(10)
PART II: FUNDAMENTALS OF CBA
51(228)
Basic Microeconomic Foundations of Cost-Benefit Analysis
51(22)
Demand Schedules
51(5)
Supply Schedules
56(3)
Social Surplus and Allocative Efficiency
59(3)
Alternative Ways to Calculate Net Social Benefits
62(2)
Appendix 3A: Consumer Surplus and Willingness-to-Pay
64(9)
Valuing Benefits and Costs in Primary Markets
73(39)
Practical Versus Conceptually Correct Measures of Benefits and Costs
74(2)
Valuing Outcomes: Willingness-to-Pay
76(17)
Valuing Inputs: Opportunity Costs
93(10)
Project Effects on Government Revenues and Taxes
103(9)
Valuing Benefits and Costs in Secondary Markets
112(19)
Valuing Benefits and Costs in Efficient Secondary Markets
112(8)
Valuing Benefits and Costs in Distorted Secondary Markets
120(3)
Indirect Effects of Infrastructure Projects
123(1)
Secondary Market Effects from the Perspective of Local Communities
124(7)
Discounting Benefits and Costs in Future Time Periods
131(34)
The Basics of Discounting
131(3)
Compounding and Discounting Over Multiple Years
134(6)
Timing of Benefits and Costs
140(1)
Long-Lived Projects and Horizon Values
141(4)
Comparing Projects with Different Time Frames
145(1)
Inflation and Real Versus Nominal Dollars
146(6)
Relative Price Changes
152(1)
Sensitivity Analysis in Discounting
153(3)
Appendix 6A: Shortcut Methods for Calculating the Present Value of Annuities and Perpetuities
156(9)
Dealing with Uncertainty: Expected Values, Sensitivity Analysis, and the Value of Information
165(35)
Expected Value Analysis
165(10)
Sensitivity Analysis
175(9)
Information and Quasi-Option Value
184(10)
Appendix 7A: Doing Monte Carlo Sensitivity Analysis with a Simple Spreadsheet
194(6)
Option Price and Option Value
200(22)
Ex Ante Willingness-to-Pay: Option Price
201(10)
Determining the Bias in Expected Surplus: Signing Option Value
211(2)
Rationales for Expected Surplus as a Practical Benefit Measure
213(4)
Appendix 8A: Signing Option Value
217(5)
Existence Value
222(14)
Active and Passive Use Value
222(4)
The Measurement of Existence Value
226(4)
Appendix 9A: Expenditure Functions and the Partitioning of Benefits
230(6)
The Social Discount Rate
236(43)
Does the Choice of Discount Rate Matter?
238(1)
The Theory Behind the Appropriate Social Discount Rate
239(8)
Deriving the Social Discount Rate from the Market: Four Alternatives
247(6)
The Shadow Price of Capital
253(5)
Using the Optimal Growth Rate Approach to Discounting
258(3)
Intergenerational Discounting
261(3)
Recommended Social Discount Rates
264(4)
The Social Discount Rate in Actual Practice
268(11)
PART III: VALUATION OF IMPACTS
279(184)
Valuing Impacts from Observed Behavior: Demonstrations
279(35)
Why Conduct Demonstration Projects?
280(1)
Alternative Evaluation Designs
281(4)
CBAs of Demonstration Projects
285(1)
CBAs of Employment and Training Demonstrations: An Introduction
286(1)
The CBA Framework in the Education and Training Context
287(2)
Conceptual Issues in Conducting CBAs of Education and Training Demonstrations
289(11)
Choosing Prediction Parameters
300(2)
A Case Study: CBAs of Work/Welfare Demonstrations
302(12)
Valuing Impacts from Observed Behavior: Direct Estimation of Demand Curves
314(23)
Project Revenues as the Measure of (Gross) Consumer Benefits
315(1)
Estimation Knowing One Point on the Demand Curve and Its Slope or Elasticity
315(7)
Extrapolating from a Few Observations
322(1)
Econometric Estimation with Many Observations
323(7)
Appendix 12A: An Introduction to Multiple Regression Analysis
330(7)
Valuing Impacts from Observed Behavior: Indirect Market Methods
337(32)
Market Analogy Method
338(2)
The Trade-Off Method
340(6)
Intermediate Good Method
346(1)
Asset Valuation Method
346(2)
Problems with Simple Valuation Methods
348(1)
Hedonic Pricing Method
349(5)
Travel Cost Method
354(7)
Defensive Expenditures Method
361(8)
Contingent Valuation: Using Surveys to Elicit Information About Costs and Benefits
369(34)
Overview of Contingent Valuation Methods
370(4)
Payment Vehicle
374(1)
Generic Survey Issues
374(5)
Contingent Valuation Problems and Issues
379(12)
How Accurate Is Contingent Valuation?
391(2)
Heuristics for the Design and Use of CV Surveys
393(10)
Shadow Prices from Secondary Sources
403(38)
The Value of a Statistical Life
405(3)
The Value of a Life-Year
408(1)
The Cost of Crashes and the Cost of Injuries
409(4)
The Cost of Crime
413(2)
The Value of Time
415(2)
The Value of Recreation
417(2)
The Value of Nature (Specific Species or Habitats)
419(1)
The Value of Water and Water Quality
419(4)
The Cost of Noise
423(2)
The Cost of Air Pollution
425(3)
The Cost of Taxation: Marginal Excess Tax Burden
428(1)
Transferring and Adjusting Plug-In Values
429(12)
Shadow Prices: Applications to Developing Countries
441(22)
The LMST Methodology
442(1)
Illustrations of the LMST Method in Practice
443(6)
Shadow Pricing When Goods Are in Fixed Supply
449(1)
The Shadow Price of Labor
450(5)
Additional Topics
455(4)
Is the LMST Method Actually Used for Project Evaluation?
459(4)
PART IV: RELATED METHODS AND ACCURACY
463(60)
Cost-Effectiveness Analysis
463(25)
Cost-Effectiveness Ratios and Policy Choice
464(9)
Omitted Costs and Benefits
473(1)
Cost-Utility Analysis
474(8)
The Use of League Tables
482(6)
Distributionally Weighted Cost-Benefit Analysis
488(19)
Distributional Justifications for Income Transfer Programs
490(2)
The Case for Treating Low- and High-Income Groups Differently in CBA
492(2)
Distributional Weights
494(1)
Determining Distributional Weights
495(2)
Politically Determined Weights
497(1)
A Pragmatic Approach to Weighting
498(9)
How Accurate Is CBA?
507(16)
Sources of Errors in CBA Studies
508(3)
The Distribution of Net Benefits Over Time
511(1)
Summary of the CBAs of the Coquihalla Highway
512(2)
Analysis of the Differences Among the CBAs
514(5)
Conclusions Arising from the Comparisons
519(4)
Bibliography523(22)
Name Index545(5)
Subject Index550

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