CostBenefit Analysis

Edward Elgar has recruited the two most significant names in the business of cost-benefit analysis to edit this compilation of essential papers on the subject. My teaching and research will both be easier with this volume on my shelf, as Ill always have the right papers at my fingertips on the theory of social discounting in open and closed economies, the marginal cost of public funds, the cost of foreign exchange, and applications related to the environment, education, health, and transportation. -- Don Fullerton, University of Texas, Austin and National Bureau of Economic Research, US

Edited by Arnold C. Harberger, Professor of Economics, University of California, Los Angeles and Gustavus F. and Ann M. Swift Distinguished Service Professor Emeritus, University of Chicago, US and Glenn P. Jenkins, Professor of Economics, Queens University, Canada, Professor of Economics, Eastern Mediterranean University, North Cyprus and Institute Fellow Emeritus, Harvard University, US

Contents: Acknowledgements Introduction Arnold C. Harberger and Glenn P. Jenkins PART I THEORETICAL ISSUES A Discount Rate for Investment Projects 1. Stephen A. Marglin (1963), The Social Rate of Discount and the Optimal Rate of Investment 2. Larry A. Sjaastad and Daniel L. Wisecarver (1977), The Social Cost of Public Finance 3. Agnar Sandmo and Jacques H. Drze (1971), Discount Rates for Public Investment in Closed and Open Economies B Economic Cost of Public Funds 4. Edgar K. Browning (1976), The Marginal Cost of Public Funds 5. Charles L. Ballard, John B. Shoven and John Whalley (1985), General Equilibrium Computations of the Marginal Welfare Costs of Taxes in the United States C Economic Cost of Foreign Exchange 6. Bela Balassa (1974), Estimating the Shadow Price of Foreign Exchange in Project Appraisal 7. Charles Blitzer, Partha Dasgupta and Joseph Stiglitz (1981), Project Appraisal and Foreign Exchange Constraints 8. George Fane (1991), The Social Opportunity Cost of Foreign Exchange: A Partial Defence of Harberger et al 9. Glenn P. Jenkins and Chun-Yan Kuo (1985), On Measuring the Social Opportunity Cost of Foreign Exchange D Economic Cost of Labor 10. Raaj Kumar Sah and Joseph E. Stiglitz (1985), The Social Cost of Labor and Project Evaluation: A General Approach 11. Alejandra Cox Edwards (1989), Labor Supply Price, Market Wage, and the Social Opportunity Cost of Labor 12. Robin Boadway and Frank Flatters (1981), The Efficiency Basis for Regional Employment Policy E Risk Analysis of Investment Projects 13. Kenneth J. Arrow and Robert C. Lind (1970), Uncertainty and the Evaluation of Public Investment Decisions 14. Savvakis Savvides (1994), Risk Analysis in Investment Appraisal 15. K.G. Balcombe and L.E.D. Smith (1999), Refining the Use of Monte Carlo Techniques for Risk Analysis in Project Planning PART II APPLICATIONS A Contingent Valuation: Methodology and Applications 16. Department of Commerce, National Oceanic and Atmospheric Administration (1993), Appendix I Report of the NOAA Panel on Contingent Valuation, excerpt from Natural Resource Damage Assessments Under the Oil Pollution Act of 1990 17. W. Michael Hanemann (1994), Valuing the Environment Through Contingent Valuation 18. Peter A. Diamond and Jerry A. Hausman (1994), Contingent Valuation: Is Some Number Better than No Number? 19. Richard T. Carson and Robert Cameron Mitchell (1993), The Value of Clean Water: The Publics Willingness to Pay for Boatable, Fishable, and Swimmable Quality Water 20. Dale Whittington, Donald T. Lauria and Xinming Mu (1991), A Study of Water Vending and Willingness to Pay for Water in Onitsha, Nigeria 21. Lisa C. Chase, David R. Lee, William D. Schulze and Deborah J. Anderson (1998), Ecotourism Demand and Differential Pricing of National Park Access in Costa Rica B Education 22. George Psacharopoulos (1994), Returns to Investment in Education: A Global Update 23. Pedro Belli, Qaiser Khan and George Psacharopoulos (1999), Assessing a Higher Education Project: A Mauritius Feasibility Study 24. Nancy Birdsall (1996), Public Spending on Higher Education in Developing Countries: Too Much or Too Little? C Value of Life and Health 25. W. Kip Viscusi (1993), The Value of Risks to Life and Health 26. A.M. Garber, M.C. Weinstein, G.W. Torrance and M.S. Kamlet (1996), Theoretical Foundations of Cost-effectiveness Analysis 27. Jeffrey S. Hammer (1993), The Economics of Malaria Control 28. Ramesh Adhikari, Paul Gertler and Anneli Lagman (1999), Economic Analysis of Health Sector Projects A Review of Issues, Methods, and Approaches D Transportation 29. Arnold C. Harberger (1972), CostBenefit Analysis of Transportation Projects 30. John Kay, Alan Manning and Stefan Szymanski (1989), The Economic Benefits of the Channel Tunnel and Discussion