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Cost Benefit Analysis : Concepts and Practices

ISBN: 9780135199688 | 0135199689
Edition: 1st
Format: Hardcover
Publisher: Pearson College Div
Pub. Date: 4/1/1996

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SummaryTable of Contents
Written as an introduction to cost-benefit analysis for undergraduate economics majors. Also, can be used in specific graduate professional programs in public policy, business, public administration, etc. Numerous up-to-date illustrations and examples show students how theories and techniques are applied to real-world situations. Provides a practical orientation and introduction to cost-benefit analysis through problem solving.
Prefacexiii
Introduction to Cost-Benefit Analysis
1(27)
Individual Versus Social Costs and Benefits
2(1)
... MORE
The Purpose and Uses of CBA
2(3)
The Demand for CBA
5(1)
Clients for this Book
6(1)
The Basic Steps of CBA Illustrated Using a Highway Example
6(5)
The Reality of CBA
11(8)
Bureaucratic and Political ``Lenses''
19(5)
Conclusion
24(4)
Conceptual Foundations of Cost-Benefit Analysis
28(22)
CBA as a Measure of Allocative Efficiency
28(4)
Using CBA for Decision Making
32(3)
Limitations of CBA: Other Analytical Approaches
35(6)
Fundamental Issues Related to Willingness-to-Pay
41(4)
Concerns About the Role of CBA in the Political Process
45(2)
Conclusion
47(3)
Valuing Benefits and Costs When Demand and Supply Curves Are Known
50(69)
Actual Versus Conceptually Correct Measures of Benefits and Costs
51(2)
A Primer on Welfare Economic Concepts
53(11)
Valuing Inputs: Opportunity Costs
64(12)
Valuing Outcomes: Willingness-to-Pay
76(16)
Conclusion
92(2)
Appendix 3A: Consumer Surplus and Willingness-to-Pay
94(5)
Appendix 3B: Market Failures
99(20)
Benefits and Costs in Different Time Periods: The Mechanics of Discounting
119(40)
Basics of Discounting
120(5)
Real Versus Nominal Dollars
125(8)
Timing of Benefits and Costs
133(1)
Terminal Values
134(4)
Comparing Projects with Different Time Frames
138(3)
Relative Price Changes
141(2)
Sensitivity Analysis in Discounting
143(2)
Conclusion
145(1)
Appendix 4A: Shortcut Formulas for Calculating FVs, PVs, and NPVs
146(5)
Appendix 4B: Discounting with Multiple Compounding in Each Period
151(8)
The Social Discount Rate
159(28)
The Theory Behind the Appropriate Social Discount Rate Method in Perfect Markets
159(6)
Alternative Social Discount Rate Methods in the Absence of Perfect Markets
165(10)
The Social Discount Rate in Actual Practice
175(2)
Conclusion
177(1)
Appendix 5A: Should the Social Discount Rate Be Adjusted for Risk?
178(9)
Dealing With Uncertainty: Expected Value and Sensitivity Analysis
187(26)
Expected Value Analysis
187(9)
Sensitivity Analysis
196(10)
Conclusion
206(1)
Appendix 6A: Doing Monte Carlo Sensitivity Analysis with a Simple Spreadsheet
207(6)
Option Price, Option Value, and Quasi-Option Value
213(24)
Ex ante Willingness-to-Pay: Option Price
214(7)
Determining the Bias in Expected Surplus: Signing Option Value
221(4)
Rationales for Expected Surplus as a Practical Benefit Measure
225(3)
Information and Quasi-Option Value
228(5)
Conclusion
233(4)
Existence Value
237(13)
Use and Nonuse Value
238(2)
The Measurement of Existence Value
240(3)
Conclusion
243(1)
Appendix 8A: Expenditure Functions and the Partitioning of Benefits
243(7)
Estimating Impacts From Demonstrations
250(42)
Why Conduct Demonstration Projects?
251(1)
Alternative Evaluation Designs
252(5)
CBAs of Demonstration Projects
257(1)
CBAs of Employment and Training Demonstrations: An Introduction
257(1)
The CBA Framework in the Education and Training Context
258(2)
Conceptual Issues in Conducting CBAs of Education and Training Demonstrations
260(12)
Choosing Prediction Parameters
272(2)
A Case Study: CBAs of Welfare-to-Work Demonstrations
274(5)
Sensitivity of the Work/Welfare Findings to Alternative Assumptions
279(7)
Conclusion
286(6)
Estimating and Valuing Impacts from Observed Behavior
292(53)
Project Revenues as the Measure of Benefits
293(1)
Direct Estimation of the Demand Curve
294(15)
Market Analogy Method
309(7)
Intermediate Good Method
316(1)
Using Differences in Asset Values
317(1)
The Hedonic Pricing Method
318(6)
Travel Cost Method
324(7)
Defensive Expenditures Method
331(3)
Conclusion
334(1)
Appendix 10A: An Introduction to Multiple Regression Analysis
335(10)
Contingent Valuation: Using Surveys to Elicit Information about Costs and Benefits
345(32)
The Role of Contingent Valuation
345(1)
Overview of Contingent Valuation Methods
346(4)
Payment Vehicle
350(1)
Alternative Contact Procedures: In-Person, Phone, Mail
351(1)
Criticisms of CV
351(1)
General Survey Issues
352(2)
Contingent Valuation Problems
354(12)
How Accurate Is Contingent Valuation?
366(2)
Heuristics for the Design and Use of CV Surveys
368(2)
Conclusion
370(7)
Shadow Price from Secondary Sources
377(18)
The Value of Life
378(2)
The Cost of Injuries
380(2)
The Cost of Motor Vehicle Crashes and Injuries
382(1)
The Cost of Crime
383(3)
The Value of Time
386(1)
The Value of Recreation Benefits
387(3)
A Summary of Valuations
390(1)
Using Previous CBAs to Do Qualitative CBA
390(5)
Cost-Effectiveness Analysis and Cost-Utility Analysis
395(16)
Cost-Effectiveness Analysis
397(6)
Cost-Utility Analysis
403(4)
The Use of League Tables
407(1)
Conclusion: When Is CEA Close to CBA?
408(3)
Distributionally Weighted Cost-Benefit Analysis
411(17)
Distributional Justifications for Income Transfer Programs
412(2)
The Case for Treating Low-and High-Income Groups Differently in CBA
414(2)
Distributional Weights
416(1)
Determining Distributional Weights
417(1)
Politically Determined Weights
418(1)
A Pragmatic Approach to Weighting
419(5)
Conclusion
424(4)
How Accurate Is CBA?
428(17)
Sources of Errors in CBA Studies
429(3)
The Distribution of Net Benefits Over Time
432(1)
Summary of the CBAs of the Coquihalla Highway
433(2)
Analysis of the Differences Among the CBAs
435(6)
Conclusions Arising from the IMR, EP versus EA Comparisons
441(4)
A Selected Cost-Benefit Analysis Bibliography445(28)
Author Index473(6)
Subject Index479

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