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Cost-Benefit Analysis
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Book description

Cost-Benefit Analysis provides accessible, comprehensive, authoritative, and practical treatments of the protocols for assessing the relative efficiency of public policies. Its review of essential concepts from microeconomics, and its sophisticated treatment of important topics with minimal use of mathematics helps students from a variety of backgrounds build solid conceptual foundations. It provides thorough treatments of time discounting, dealing with contingent uncertainty using expected surpluses and option prices, taking account of parameter uncertainties using Monte Carlo simulation and other types of sensitivity analyses, revealed preference approaches, stated preference methods including contingent valuation, and other related methods. Updated to cover contemporary research, this edition is considerably reorganized to aid in student and practitioner understanding, and includes eight new cases to demonstrate the actual practice of cost-benefit analysis. Widely cited, it is recognized as an authoritative source on cost-benefit analysis. Illustrations, exhibits, chapter exercises, and case studies help students master concepts and develop craft skills.

Reviews

'For measuring the social returns to public investments, this is the preeminent source of wisdom and guidance by the recognized experts. The fifth edition of Cost-Benefit Analysis must surely be designated as the classic treatment on the topic, encyclopedic in its coverage and authoritative in its wisdom.'

Henry M. Levin - William Kilpatrick Professor of Economics and Education, Columbia University and David Jacks Professor of Education and Economics, Emeritus, Stanford University

'What makes this manual unique is the extensive combination of basic microeconomics concepts with a wide range of worked examples, case studies, references to empirical literature, and helpful exercises. The new edition provides a better flow of the arguments and a richer selection of material from real world applications to project and policy evaluation.'

Massimo Florio Florio - Università degli Studi di Milano and former Scientific Coordinator, European Commission

'With up-to-date analyses and examples from across social and environmental studies, this new edition reaffirms the book's position as the premier rigorous treatment of cost-benefit analysis for researchers, policy professionals, and decision-makers.'

Clive Belfield - Queens College, City University of New York

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