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Cost-Benefit Analysis by Richard Layard, Stephen Glaister (Paperback, 1994)

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By Richard Layard, Stephen Glaister. Part I. Introduction; Part II. Theoretical Issues: 1. Policy reform, shadow prices and market prices J. Drèze and N. Stern; 2. Project appraisal and planning twenty years on I. M. D. Little and J. A. Mirrlees; Part III.

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Should India build a new steel mill, or London an urban motorway? Should higher education expand, or water supplies be improved? These are typical questions about which cost-benefit analysis has something to say. It is the main tool that economics provides for analysing problems of social choice. It also provides a useful vehicle for understanding the practical value of welfare economics. This new book of readings covers all the main problems that arise in a typical cost-benefit exercise. It is entirely up-to-date, reflecting the most recent research in the area. Part I covers the main theoretical issues affecting cost-benefit analysis. Part II considers the problem of ascribing a monetary value to things. The third part covers six separate case studies drawn from real-life examples. The book begins with an extended elementary introduction written by the editors.