(social) Cost-benefit Analysis in a Nutshell
نویسنده
چکیده
Cost-benefit analysis is a process for evaluating the merits of a particular project or course of action in a systematic and rigorous way. Social cost-benefit analysis refers to cases where the project has a broad impact across society – and, as such, is usually carried out by the government. While the cost and benefits may relate to goods and services that have a simple and transparent measure in a convenient unit (e.g. their price in money), this is frequently not so, especially in the social case. It should therefore be emphasized that the costs and benefits considered by (social) ‘cost-benefit’ analysis are not limited to easily quantifiable changes in material goods, but should be construed in their widest sense, measuring changes in individual ‘utility’ and total ‘social welfare’ (though economists frequently express those measures in money-metric terms). In its essence cost-benefit analysis is extremely, indeed trivially, simple: evaluate costs C and benefits B for the project under consideration and proceed with it if, and only if, benefits match or exeed the costs. That is:
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