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This Element on cost-benefit analysis provides a summary of recent theoretical and empirical developments and summarizes state-of-the-art stated-preference and revealed-preference valuation methods. The Element discusses how to assess small (or marginal) as well as large (or non-marginal) projects that have a significant impact on prices and/or other economic variables. It also discusses distortions like taxes, market power, and sticky prices. In addition, risk/uncertainty is considered. A novel feature is the elaboration on flexible evaluation rules for reasonably small projects. Conventional point-estimates of projects should be used with care, because they typically give biased results.

Cost effectiveness. --- Benefit cost analysis --- Capital output ratios --- Cost benefit analysis --- Costs, Industrial --- Engineering economy --- Value analysis (Cost control)

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This paper examines the costs, impacts, and cost-effectiveness of scaling up over five years the nutrition interventions included in Afghanistan's Basic Package of Health Services (BPHS) as a first step in investing in the early years to build human capital. The total public investment required for the scale up to government-set program coverage levels is estimated to be 44 million US dollars per year over five years, or 1.49 US dollars per capita per year. Each dollar invested would yield at least 13 US dollars in economic returns and even under conservative assumptions regarding future economic growth, the economic benefits exceed the cost by six times which is 815 million US dollars over the productive lives of the beneficiaries. This scale up would prevent almost 25,000 child deaths and over 4,000 cases of stunting and avert a loss of 640,000 disability-adjusted life years (DALYs) and almost 90,000 cases years of anemia. Almost 100,000 more children would be exclusively breastfed. However, this scale-up would only have a marginal effect, a decrease of less than one-half percentage point on stunting prevalence because the current government-set target program coverage rates are very low for the preventive interventions that affect stunting. A substantially greater impact could be achieved if preventive interventions could be scaled to full program coverage levels, which would require less than 5 million US dollars more a year. This would triple the number of DALYs averted, double the number of deaths averted and avert almost eight times as many cases of stunting, resulting in a 2.6 percentage point decline in stunting over the five year period (from 41 percent to 38 percent). The prevalence of anemia in pregnant women could be reduced by 12 percentage points and the prevalence of exclusive breastfeeding could be increased by 18 percentage points. In addition, this investment is projected to generate economic benefits of 815 million US dollars over the productive lives of the beneficiaries. Each dollar invested would yield more than 13 US dollars in economic returns. Sensitivity analysis was conducted for the total cost, cost-effectiveness, and economic returns on investing in the BPHS nutrition interventions.

Cost-Benefit Analysis --- Cost-Effectiveness --- Early Child And Children's Health --- Food And Nutrition Policy --- Health, Nutrition And Population --- Nutrition --- Reproductive Health

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"This book explores recent developments in environmental cost-benefit analysis (CBA). This is defined as the application of CBA to projects or policies that have the deliberate aim of environmental improvement or are actions that affect, in some way, the natural environment as an indirect consequence. It builds on the previous OECD book by David Pearce et al. (2006), which took as its starting point that a number of developments in CBA, taken together, altered the way in which many economists would argue CBA should be carried out and that this was particularly so in the context of policies and projects with significant environmental impacts. It is a primary objective of the current book not only to assess more recent advances in CBA theory but also to identify how specific developments illustrate key thematic narratives with implications for practical use of environmental CBA in policy formulation and appraisal of investment projects. Perhaps the most significant development is the contribution of climate economics in its response to the challenge of appraising policy actions to mitigate (or adapt to) climate change. Work in this area has increased the focus on how to value costs and benefits that occur far into the future, particularly by showing how conventional procedures for establishing the social discount rate become highly problematic in this intergenerational context and what new approaches might be needed. The contribution of climate economics has also entailed thinking further about uncertainty in CBA, especially where uncertain outcomes might be associated with large (and adverse) impacts"--Page 4 of cover.

Cost effectiveness. --- Environmental economics. --- Economics --- Environmental quality --- Benefit cost analysis --- Capital output ratios --- Cost benefit analysis --- Costs, Industrial --- Engineering economy --- Value analysis (Cost control) --- Environmental aspects --- Economic aspects --- Environmental protection

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How society's undervaluing of life puts all of us at risk-and the groundbreaking economic measure that can fix itLike it or not, sometimes we need to put a monetary value on people's lives. In the past, government agencies used the financial "cost of death" to monetize the mortality risks of regulatory policies, but this method vastly undervalued life. Pricing Lives tells the story of how the government came to adopt an altogether different approach--the value of a statistical life, or VSL-and persuasively shows how its more widespread use could create a safer and more equitable society for everyone.In the 1980s, W. Kip Viscusi used the method to demonstrate that the benefits of requiring businesses to label hazardous chemicals immensely outweighed the costs. VSL is the risk-reward trade-off that people make about their health when considering risky job choices. With it, Viscusi calculated how much more money workers would demand to take on hazardous jobs, boosting calculated benefits by an order of magnitude. His current estimate of the value of a statistical life is

Hazardous occupations. --- Age and employment. --- Life --- Employment and age --- Employment (Economic theory) --- Ability, Influence of age on --- Child labor --- Post-retirement employment --- Dangerous occupations --- High risk jobs --- High risk occupations --- Injurious occupations --- Occupations, Dangerous --- Occupations --- Valuation --- Economic aspects --- Philosophy --- Adobe. --- Air pollution. --- Attempt. --- Automobile safety. --- Beneficiary. --- Calculation. --- Case study. --- Chemical waste. --- Commodity. --- Consideration. --- Construction. --- Consumer protection. --- Consumer. --- Cost-effectiveness analysis. --- Cost–benefit analysis. --- Damages. --- Determination. --- Deterrence (legal). --- Devaluation. --- Discounts and allowances. --- Dividend. --- Economic efficiency. --- Economics. --- Economist. --- Economy. --- Employment. --- Environmental justice. --- Estimates. --- Estimation. --- Executive order. --- Expenditure. --- Expense. --- Government agency. --- Guideline. --- Hazardous waste. --- Health economics. --- Health effect. --- Hedonic damages. --- Hindsight bias. --- Incentive. --- Income. --- Inherent risk. --- Insurance. --- Legislation. --- Life expectancy. --- Market data. --- Meta-analysis. --- Monetization. --- Motor vehicle. --- National Highway Traffic Safety Administration. --- Occupational Safety and Health Administration. --- Occupational fatality. --- Occupational safety and health. --- Office of Information and Regulatory Affairs. --- Office of Management and Budget. --- Pain and suffering. --- Payment. --- Personal injury. --- Plaintiff. --- Policy analysis. --- Policy debate. --- Policy. --- Present value. --- Price level. --- Pricing. --- Probability. --- Product defect. --- Product design. --- Publication. --- Punitive damages. --- Quantity adjustment. --- Regulation. --- Regulatory Impact Analysis. --- Regulatory agency. --- Requirement. --- Respondent. --- Risk analysis. --- Risk assessment. --- Risk management. --- Risk premium. --- Risk. --- Safety standards. --- Selection bias. --- Shortfall. --- Statistic. --- Superfund. --- Trade-off. --- Uncertainty. --- United States Department of Health and Human Services. --- United States Environmental Protection Agency. --- Utilization. --- Valuation (finance). --- Value (economics). --- Value of life. --- Wage. --- Welfare. --- Well-being. --- Willingness to pay. --- Workers' compensation. --- Year. --- United States. --- AB --- ABSh --- Ameerika Ühendriigid --- America (Republic) --- Amerika Birlăshmish Shtatlary --- Amerika Birlăşmi Ştatları --- Amerika Birlăşmiş Ştatları --- Amerika ka Kelenyalen Jamanaw --- Amerika Qūrama Shtattary --- Amerika Qŭshma Shtatlari --- Amerika Qushma Shtattary --- Amerika (Republic) --- Amerikai Egyesült Államok --- Amerikanʹ Veĭtʹsėndi͡avks Shtattn --- Amerikări Pĕrleshu̇llĕ Shtatsem --- Amerikas Forenede Stater --- Amerikayi Miatsʻyal Nahangner --- Ameriketako Estatu Batuak --- Amirika Carékat --- AQSh --- Ar. ha-B. --- Arhab --- Artsot ha-Berit --- Artzois Ha'bris --- Bí-kok --- Ē.P.A. --- EE.UU. --- Egyesült Államok --- ĒPA --- Estados Unidos --- Estados Unidos da América do Norte --- Estados Unidos de América --- Estaos Xuníos --- Estaos Xuníos d'América --- Estatos Unitos --- Estatos Unitos d'America --- Estats Units d'Amèrica --- Ètats-Unis d'Amèrica --- États-Unis d'Amérique --- Fareyniḳṭe Shṭaṭn --- Feriene Steaten --- Feriene Steaten fan Amearika --- Forente stater --- FS --- Hēnomenai Politeiai Amerikēs --- Hēnōmenes Politeies tēs Amerikēs --- Hiwsisayin Amerikayi Miatsʻeal Tērutʻiwnkʻ --- Istadus Unidus --- Jungtinės Amerikos valstybės --- Mei guo --- Mei-kuo --- Meiguo --- Mî-koet --- Miatsʻyal Nahangner --- Miguk --- Na Stàitean Aonaichte --- NSA --- S.U.A. --- SAD --- Saharat ʻAmērik --- SASht --- Severo-Amerikanskie Shtaty --- Severo-Amerikanskie Soedinennye Shtaty --- Si͡evero-Amerikanskīe Soedinennye Shtaty --- Sjedinjene Američke Države --- Soedinennye Shtaty Ameriki --- Soedinennye Shtaty Severnoĭ Ameriki --- Soedinennye Shtaty Si͡evernoĭ Ameriki --- Spojené obce severoamerick --- Spojené staty americk --- SShA --- Stadoù-Unanet Amerika --- Stáit Aontaithe Mheirice --- Stany Zjednoczone --- Stati Uniti --- Stati Uniti d'America --- Stâts Unîts --- Stâts Unîts di Americhe --- Steatyn Unnaneysit --- Steatyn Unnaneysit America --- SUA --- Sŭedineni amerikanski shtati --- Sŭedinenite shtati --- Tetã peteĩ reko Amérikagua --- U.S. --- U.S.A. --- United States of America --- Unol Daleithiau --- Unol Daleithiau America --- Unuiĝintaj Ŝtatoj de Ameriko --- US --- USA --- Usono --- Vaeinigte Staatn --- Vaeinigte Staatn vo Amerika --- Vereinigte Staaten --- Vereinigte Staaten von Amerika --- Verenigde State van Amerika --- Verenigde Staten --- VS --- VSA --- Wááshindoon Bikéyah Ałhidadiidzooígí --- Wilāyāt al-Muttaḥidah --- Wilāyāt al-Muttaḥidah al-Amirīkīyah --- Wilāyāt al-Muttaḥidah al-Amrīkīyah --- Yhdysvallat --- Yunaeted Stet --- Yunaeted Stet blong Amerika --- ZDA --- Združene države Amerike --- Zʹi͡ednani Derz͡havy Ameryky --- Zjadnośone staty Ameriki --- Zluchanyi͡a Shtaty Ameryki --- Zlucheni Derz͡havy --- ZSA --- ABŞ --- Amerikanʹ Veĭtʹsėndi͡avks Shtattnė --- É.-U. --- ÉU --- Saharat ʻAmērikā --- Spojené obce severoamerické --- Spojené staty americké --- Stáit Aontaithe Mheiriceá --- Wááshindoon Bikéyah Ałhidadiidzooígíí