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This book presents essential elements for understanding, interpreting, and conducting cost benefit analysis (CBA) in the context of local government. The cost benefit technique is so often referenced in government policy that a correct understanding is necessary for officials entrusted with public decisions. It is especially useful for those charged with preparing numerical analyses to assess the worthiness of a specific policy proposal. In this manual, costs and benefits are identified and analyzed in terms of economic efficiency and resource allocation.

Public works --- Cost effectiveness. --- cost benefit analysis (CBA) --- local government --- project evaluation --- discount rate --- willingness to accept --- willingness to pay --- economic efficiency --- positive time preference --- net discounted benefits --- present value of costs --- present value of benefits --- social welfare functions --- externalities/spillovers --- cost effectiveness analysis --- benefits ratio --- sensitivity analysis --- market failure --- government failure --- standing --- external/social costs --- external/social benefits --- existence values --- hedonic valuation --- hypothetical contingent valuation --- rent seeking --- regulatory capture