By Anthony Boardman
A realistic creation to cost-benefit research via challenge fixing.
This authoritative, market-leading textual content is understood for its constant software of a nine-step framework for accomplishing or studying a cost-benefit research.
This variation contains a variety of chapters which were revised and reorganized to make the cloth clearer and extra accessible.
Read or Download Cost-Benefit Analysis (4th Edition) PDF
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Extra resources for Cost-Benefit Analysis (4th Edition)
4) The basic decision rule for a single alternative project (relative to the status quo) is simple: adopt the project if its NPV is positive. In short, the analyst should recommend proceeding with the proposed project if its NPV = PV(B) - PV(C) 7 0; that is, if its benefits exceed its costs: PV(B) 7 PV(C) When there is more than one alternative to the status quo and all the alternatives are mutually exclusive, then the rule is slightly more complicated: select the project with the largest NPV. This rule assumes implicitly that at least one NPV is positive.
THE COST OF DOING CBA Although the demand for CBA is increasing, we should keep in mind that it takes many resources (time, skill, and money) to do CBA well, especially where projects are large, complex, and have unique features. The costs of conducting CBA can be very large. 31 Large-scale evaluations of welfare-to-work programs, of which CBA is one component, often ran into millions of dollars. READERS OF THIS BOOK This book is primarily for people who want to know how to do CBA. Second, it is for people who want to know how to interpret CBA—in other words, for clients of CBA.
CBA does not always succeed. Politicians are often reluctant to be persuaded by economic arguments. Indeed, the highway was built with tolls, although they were removed in 2008. BUREAUCRATIC AND POLITICAL “LENSES”14 Thus far, we have assumed that CBA is not influenced by bureaucratic or political processes. This approach is appropriate given that CBA concerns how resources should be allocated. In practice, however, CBA frequently gets distorted when bureaucrats or politicians become involved with it.