Titlebook: Cost-Benefit Analysis; Theory and Practice Ajit K. Dasgupta,D. W. Pearce Textbook 1972Latest edition Ajit K. Dasgupta and D. W. Pearce 1972

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Risk and UncertaintySo far we have assumed that the private costs and benefits of projects are known in advance. The question that we have been concerned with is, in essence, how far these provide an adequate basis for . policy.

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Besch?ftigten- und Arbeitslosenentwicklungcy) it is necessary to weigh up the advantages and disadvantages. The province of cost-benefit is usually confined to public projects because the advantages and disadvantages are defined in terms of . gains and losses. It is assumed, correctly one suspects, that most private decisions are not concer

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,Abschlie?ende Bemerkungen und Ausblick, ‘society prefers’. In the context of CBA, saying ‘society prefers . to .’ constitutes in effect a recommendation that . be adopted. Hence no definition of social preference can be value-free. The discussion so far has, for example, been based on the value judgement that individual preferences shoul

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,Abschlie?ende Bemerkungen und Ausblick,es the ‘proper’ valuation of costs. The maximand of benefits minus costs, valued in this way, was seen to satisfy the requirement for a ranking function which ordered alternative projects in terms of their social preferredness. The extent to which these prices do comprise a proper valuation must now

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hether they accrue to the investing agency or not. A basic difference between commercial and social returns consists of the ‘external’ effects of the investment; hence the importance of these effects for CBA.

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s to consumption goods, but, unless otherwise stated, the arguments can be restated in terms of general benefits. The sacrifice of present consumption would not be worth while unless the gains in future consumption are greater. Essentially, then, an investment is worth while if the future gains in c

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efits exceed the costs it generates. The appropriate formula for expressing the social worth of a project has not been discussed in detail, nor have guidelines been offered for assisting with the choice . alternative projects. Lastly, constraints on the objective function have not been incorporated.