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The design of benefit–cost architecture for homeland security policy analysis

In: Benefit–Cost Analyses for Security Policies

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  • V. Kerry Smith
  • Carol Mansfield

Abstract

Benefit–Cost Analyses for Security Policies describes how to undertake the evaluation of security policies within the framework of benefit–cost analysis and offers a unique contribution to analysis of homeland security regulations in the United States. The authors outline how established procedures for benefit–cost analysis must adapt to meet challenges posed by current security policy, through examining specific security related regulations. The logic of risk assessment, selection of a discount rate, valuation of travellers’ time when delayed due to screening, valuation of changes in risks of injury or death, and impacts of terrorist events on the economy as a whole are among the issues discussed. An outline of the research and policy evaluation steps needed to build robust benefit-cost methods to evaluate security related regulations in the future is presented in the book.

Suggested Citation

  • V. Kerry Smith & Carol Mansfield, 2015. "The design of benefit–cost architecture for homeland security policy analysis," Chapters, in: Carol Mansfield & V. K. Smith (ed.), Benefit–Cost Analyses for Security Policies, chapter 2, pages 26-60, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16106_2
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    References listed on IDEAS

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    1. Timmins, Christopher & Murdock, Jennifer, 2007. "A revealed preference approach to the measurement of congestion in travel cost models," Journal of Environmental Economics and Management, Elsevier, vol. 53(2), pages 230-249, March.
    2. Joshua D. Angrist & Jörn-Steffen Pischke, 2010. "The Credibility Revolution in Empirical Economics: How Better Research Design Is Taking the Con out of Econometrics," Journal of Economic Perspectives, American Economic Association, vol. 24(2), pages 3-30, Spring.
    3. H. Allen Klaiber & V. Kerry Smith, 2013. "Developing general equilibrium benefit analyses for social programs: an introduction and example," Chapters, in: Scott O. Farrow & Richard Zerbe, Jr. (ed.), Principles and Standards for Benefit–Cost Analysis, chapter 6, pages 194-246, Edward Elgar Publishing.
    4. Lawrence H. Goulder & Ian W.H. Parry & Roberton C. Williams III & Dallas Burtraw, 2002. "The Cost-Effectiveness of Alternative Instruments for Environmental Protection in a Second-Best Setting," Chapters, in: Lawrence H. Goulder (ed.), Environmental Policy Making in Economies with Prior Tax Distortions, chapter 27, pages 523-554, Edward Elgar Publishing.
    5. Raj Chetty & Adam Szeidl, 2007. "Consumption Commitments and Risk Preferences," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 122(2), pages 831-877.
    6. Raymond J. Kopp & V. Kerry Smith, 1989. "Benefit estimation goes to court: The case of natural resource damage assessments," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 8(4), pages 593-612.
    7. Raymond Palmquist & Daniel Phaneuf & V. Smith, 2010. "Short Run Constraints and the Increasing Marginal Value of Time in Recreation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 46(1), pages 19-41, May.
    8. Mary F. Evans & V. Kerry Smith, 2022. "Complementary and the measurement of Individual Risk Tradeoffs: Accounting for Quantity and Quality of Life Effects," Chapters, in: The Economics of Environmental Risk, chapter 5, pages 77-96, Edward Elgar Publishing.
    9. Lawrence H. Goulder & Roberton C. Williams III, 2003. "The Substantial Bias from Ignoring General Equilibrium Effects in Estimating Excess Burden, and a Practical Solution," Journal of Political Economy, University of Chicago Press, vol. 111(4), pages 898-927, August.
    10. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    11. Evans, Mary F. & Smith, V. Kerry, 2006. "Do we really understand the age-VSL relationship?," Resource and Energy Economics, Elsevier, vol. 28(3), pages 242-261, August.
    12. Carbone, Jared C. & Smith, V. Kerry, 2008. "Evaluating policy interventions with general equilibrium externalities," Journal of Public Economics, Elsevier, vol. 92(5-6), pages 1254-1274, June.
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