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Cost Benefit Analysis: Concepts and Practice

by: Boardman, Anthony; Greenberg, David; Vining, Aidan; Weimer, David

Cost Benefit Analysis: Concepts and Practice

by: Boardman, Anthony; Greenberg, David; Vining, Aidan; Weimer, David

ISBN 13:
9780131435834
ISBN 10:
0131435833
Edition: 3rd
Format: Paperback
Copyright: 01/01/2006
Publisher: Prentice Hall
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Summary

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.

Preface

xiii

PART I: OVERVIEW

(50)

Introduction to Cost-Benefit Analysis

(25)

Individual Versus Social Costs and Benefits

(1)

The Purpose and Uses of CBA

(3)

The Demand for CBA

(1)

The Cost of CBA

(1)

Readers of This Book

(1)

The Basic Steps of CBA: Coquihalla Highway Example

(11)

Bureaucratic and Political ``Lenses''

(8)

Conceptual Foundations of Cost-Benefit Analysis

(25)

CBA as a Framework for Measuring Efficiency

(4)

Using CBA for Decision Making

(3)

Fundamental Issues Related to Willingness-to-Pay

(6)

Concerns About the Role of CBA in the Political Process

(2)

Limitations of CBA: Other Analytical Approaches

(10)

PART II: FUNDAMENTALS OF CBA

(228)

Basic Microeconomic Foundations of Cost-Benefit Analysis

(22)

Demand Schedules

(5)

Supply Schedules

(3)

Social Surplus and Allocative Efficiency

(3)

Alternative Ways to Calculate Net Social Benefits

(2)

Appendix 3A: Consumer Surplus and Willingness-to-Pay

(9)

Valuing Benefits and Costs in Primary Markets

(39)

Practical Versus Conceptually Correct Measures of Benefits and Costs

(2)

Valuing Outcomes: Willingness-to-Pay

(17)

Valuing Inputs: Opportunity Costs

(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)

Bibliography

523

(22)

Name Index

545

(5)

Subject Index

550

Amazon no longer offers textbook rentals. We do!

Cost Benefit Analysis: Concepts and Practice

Cost Benefit Analysis: Concepts and Practice

9780131435834

0131435833

Summary

Table of Contents

Supplemental Materials

Write a Review

Amazon no longer offers textbook rentals. We do!

Cost Benefit Analysis: Concepts and Practice

Cost Benefit Analysis: Concepts and Practice

9780131435834

0131435833

Summary

Table of Contents

Supplemental Materials

Write a Review

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