Benefit-cost analysis is at heart a subject of practicality and
usefulness. With this in mind, the editor has chosen the most
relevant previously published articles for these volumes. Having
explored the theoretical and ethical underpinnings of the subject,
the book then addresses some major policy issues and debates. These
include the institutional arrangements through which benefit-cost
analyses would be most useful to the policy and decision process,
the need for a set of principles and standards to unify
benefit-cost analysis methods, the use of general equilibrium
analysis and the proper treatment of uncertainty and risk.In his
new introduction, the editor offers his own particular viewpoint
and raises issues which will intrigue both academics and
practitioners.
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