Chapter 11 Cost benefit analysis

Cost-benefit analysis

Intertemporal efficiency

Discount rate equality

Shifting consumption over time

Rate of return equality

Equality of discount rate and rate of return

Intertemporal optimality

Markets and intertemporal efficiency -futures markets

Markets and intertemporal efficiency -loanable funds market

Individuals – utility maximisation

Firms -present value maximisation

Optimal growth modelling; discrete time

Optimal growth modelling: continuous time

Optimal growth in the basic model

A model with resource input to production

Utility and consumption discount rates 1

Utility and consumption discount rates 2

Private project appraisal -the Net Present Value test 1

Private project appraisal -the Net Present Value test 2

Private project appraisal – risk

Social project appraisal

Social appraisal: an illustrative project

CBA as a potential pareto improvement test

CBA as welfare increase test 1

CBA as welfare increase test 2

CBA as welfare increase test 3

Choice of discount rate 1

Choice of discount rate 2

Choice of discount rate 3 -descriptive versus prescriptive

Box 11.2 Discount rate choices in practice

Environmental cost-benefit analysis

Inverse ECBA

Box 11.3 Mining at Coronation Hill?

The Krutilla-Fisher model 1

The Krutilla-Fisher model 2

The Krutilla-Fisher model 3

Discount rate adjustment?

Objections to environmental cost-benefit analysis

Limits to applicability of ECBA -sustainability and environmental valuation

Alternatives to environmental cost-benefit analysis

An illustrative transport problem

MCA – weighted sums 1

MCA -weighted sums 2

MCA -weighted sums 3

Deliberative polling

Citizens’ juries

Box 11.4 Deliberative polling and nuclear power in the UK

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