Routledge Cost-Benefit Analysis

Cost-benefit analysis (CBA) is the systematic and analytical process of comparing benefits and costs in evaluating the desirability of a project or programme – often of a social nature. It attempts to answer such questions as whether a proposed project is worthwhile, the optimal scale of a proposed project and the relevant constraints. CBA is fundamental to government decision making and is established as a formal technique for making informed decisions on the use of society’s scarce resources. This timely sixth edition of the classic Cost-Benefit Analysis text continues to build on the successful approach of previous editions, with lucid explanation of key ideas, simple but effective expository short chapters and an appendix on various useful statistical and mathematical concepts and derivatives. The book examines important developments in the discipline, with relevant examples and illustrations as well as new and expanded chapters which build upon standard materials on CBA. Highlights include: updated historical background of CBA extended non-market goods valuation methods the impact of uncertainty evaluation of programmes and services behavioural economics decision rules and heuristics CBA and regulatory reforms CBA in developed and developing countries value of household production other topics frequently encountered in CBA, such as costs of diseases and air pollution, and value of statistical life. This book is a valuable source and guide to international funding agencies, governments, interested professional economists and senior undergraduate and graduate students. The text is fully supported by a companion website, which includes discussion questions and PowerPoint slides for each chapter. Review 'Cost benefit analysis is as important as ever in assessing projects, whether in private business, transportation, health and agriculture, or urban and regional planning. This book will be of great use to students, economists, business people and government planners. A welcome new edition from the maestro, Euston Quah, and a tribute to his late coauthor, Ezra Mishan'. - W. Brian Arthur, Center for Advanced Study in the Behavioral Sciences, Stanford University, USA. 'In this 6th edition of his classic treatise, Cost-Benefit Analysis, Professor Euston Quah provides an up-to-date rendering of the fundamental concepts that constitute the foundation of this important analytical tool, as well as the essential empirical methods, ranging from the basics of discounting to the latest methods of valuing externalities. This book can function as a comprehensive text in an appropriate college course, and as a key reference for practitioners. As such, it belongs on the shelf of scholars, policy analysts, and policy makers'. - Professor Robert N. Stavins, A. J. Meyer Professor of Energy and Economic Development at Harvard University, USA.  'Building on the earlier eminent work with E.J. Mishan, the sixth newly updated edition of Euston Quah’s continues to improve what has been referred to as a classic work in Cost Benefit analysis. It is a very important book for both practitioners and academics.  I strongly recommend it as a reference book for all of us interested in public policy'. - Richard L. Sandor, Aaron Director Lecturer at Ronald Coase and Richard Sandor Institute of Law and Economics of the University of Chicago, USA.  'This timely 6th edition builds on the success of previous editions. The key economic tools are lucidly explained and the new themes explored. The case studies are up-to-date and cover a wide range of potential applications. It will be an indispensable source and guide to government and international agencies as well as to students and professional economists'. - Professor Cheng Hsiao, Former Editor of the Journal of Econometrics and Professor of Economics at University of Southern California, USA.  'Increasingly, calculations of gains and losses if made fo