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A Partial Review of Seven Official Guidelines for Cost-Benefit Analysis

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  • Abelson, Peter

Abstract

This paper reviews seven contemporary official guidelines to cost-benefit analysis (CBA) with respect to eight major cost-benefit issues drawing on the latest edition of the major CBA textbook for guidance, although not complete authority. The guidelines are those by UK Treasury, European Commission, U.S. Environmental Protection Agency, New Zealand Treasury, Infrastructure Australia, NSW State Treasury, and Victorian State Department of Treasury and Finance. The eight major issues discussed are the issue of standing, core valuation principles, the scope of CBA with reference to potential additional economic benefits, changes in real values over time, the marginal excess tax burden, the social discount rate, use of benefit-cost ratios, and treatment of risk. While all the guidelines are quality guides to CBA, the paper finds that there is room for improved discussion and practice at various points in each of these guidelines.

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  • Abelson, Peter, 2020. "A Partial Review of Seven Official Guidelines for Cost-Benefit Analysis," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 11(2), pages 272-293, July.
    • Handle: RePEc:cup:jbcoan:v:11:y:2020:i:2:p:272-293_6
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    Cited by:

    1. Broughel, James, 2021. "Rehabilitating the Opportunity Cost of Capital in Cost–Benefit Analysis," Working Papers 11433, George Mason University, Mercatus Center.
    2. Cristian Bricicaru & Ioana Natalia Beleiu, 2022. "Cost-Benefit Analysis of Road Infrastructure Projects," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 23(1), pages 150-162, March.
    3. Ingrid Majerova & Ainur Abdrazakova, 2021. "A Bibliometric Mapping of Cost-Benefit Analysis—Three Decades of Studies," Economies, MDPI, vol. 9(3), pages 1-29, August.
    4. Anthony E. Boardman & David H. Greenberg & Aidan R. Vining & David L. Weimer, 2022. "Standing in Cost‐Benefit Analysis: Where, Who, What (Counts)?," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 41(4), pages 1157-1176, September.
    5. Dale Whittington & Richard T. Carson & Thomas Sterner, 2023. "Policy Note: Benefit Cost Analysis of Water Investments in the Anthropocene," Water Economics and Policy (WEP), World Scientific Publishing Co. Pte. Ltd., vol. 9(03), pages 1-23, July.

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