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Towards Principles and Standards for the Benefit-Cost Analysis of Safety

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Author Info

  • Farrow Scott

    (University of Maryland, Baltimore County)

  • Viscusi W. Kip

    (Vanderbilt University)

Abstract

Benefit-cost analysis (BCA) is frequently applied to decisions involving public safety which requires analyzing risk and assessing options to manage risks. Principles and standards may assist analysts, decision-makers, and the public in developing and interpreting such BCAs. Principles and standards at best represent commonly held views among a community of practice. Such views are continually evolving with advances in the field. This paper presents a modularized format towards principles and standards that may assist in focusing discussion and decisions about whether such proposals actually reflect principles and standards within the benefit-cost analysis community of practice. Among topics covered are welfare measures, benefit or cost transfer, and valuing uncertain outcomes.

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File URL: http://www.degruyter.com/view/j/jbca.2011.2.3/jbca.2011.2.3.1033/jbca.2011.2.3.1033.xml?format=INT
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Bibliographic Info

Article provided by De Gruyter in its journal Journal of Benefit-Cost Analysis.

Volume (Year): 2 (2011)
Issue (Month): 3 (August)
Pages: 1-25

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Handle: RePEc:bpj:jbcacn:v:2:y:2011:i:3:n:5

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Web page: http://www.degruyter.com

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Web: http://www.degruyter.com/view/j/jbca

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