Applied Welfare Economics: Cost-Benefit Analysis Of Projects And Policies

Applied Welfare Economics: Cost-Benefit Analysis for Project and Policy  Evaluation presents a consistent framework for applied welfare economics  and is grounded in a comprehensive theory of cost-benefit analysis,  specifically focused on offering a practical approach to policy and  project evaluation. After opening with a theoretical discussion of the  concept of social welfare, a critical analysis of the traditional  doctrine of welfare economics embodied in the Two Fundamental Theorems,  and a presentation of social cost-benefit analysis, the book introduces  readers to an applied framework. This includes the empirical estimation  of shadow prices of goods, the social cost of labour and capital, and  the assessment of risk. The book also examines real-life experiences  with cost-benefit analysis, including ex-post evaluation of major  projects, economic rates of return in different sectors, and a case  study on privatisation. These chapters draw on first-hand research  gained by the author team from years of advisory work for the European  Commission and other international and national institutions. This  second edition presents updated data, more international examples, and  more coverage of topics such as very long run discounting effects and  climate change as an intergenerational effect. It also includes more  practical examples and end-of-chapter questions to aid student’s  learning. Applied Welfare Economics is a valuable textbook for  upper-level courses on welfare economics, cost-benefit analysis, public  policy analysis and related areas.