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Economic Analysis And Efficiency In Public Expenditure

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  • Schmid, A. Allan

Abstract

Benefit-Cost Analysis involves several steps: development of a program information structure (product categories), estimating the production function, pricing benefits and costs, adjusting for opportunity costs, choice of investment criteria, and incorporating uncertainty. Each step involves conflicts of interest that can only be resolved by political (collective) choice of property rights assigning opportunities to the various interest groups. The rules of benefit-cost analysis for public expenditure are equivalent of private property rights established by legislative and court decisions for the market economy. The traditional separation of technical analysis and political choice is not longer tenable. Theory and practice point to a more interactive, iterative relationship between analysts and politicians.

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Bibliographic Info

Paper provided by Michigan State University, Department of Agricultural, Food, and Resource Economics in its series Staff Papers with number 11776.

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Date of creation: 2004
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Handle: RePEc:ags:midasp:11776

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Postal: Justin S. Morrill Hall of Agriculture, 446 West Circle Dr., Rm 202, East Lansing, MI 48824-1039
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Web page: http://www.aec.msu.edu/agecon/
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Keywords: Public Economics;

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  1. Vatn Arild & Bromley Daniel W., 1994. "Choices without Prices without Apologies," Journal of Environmental Economics and Management, Elsevier, vol. 26(2), pages 129-148, March.
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  8. Dreze, Jean & Stern, Nicholas, 1987. "The theory of cost-benefit analysis," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 2, chapter 14, pages 909-989 Elsevier.
  9. Arrow, Kenneth J & Lind, Robert C, 1970. "Uncertainty and the Evaluation of Public Investment Decisions," American Economic Review, American Economic Association, vol. 60(3), pages 364-78, June.
  10. Kopp, Raymond & Portney, Paul, 1997. "Mock Referenda for Intergenerational Decisionmaking," Discussion Papers dp-97-48, Resources For the Future.
  11. Harrison, David, Jr & Rubinfeld, Daniel L, 1978. "The Air Pollution and Property Value Debate: Some Empirical Evidence," The Review of Economics and Statistics, MIT Press, vol. 60(4), pages 635-38, November.
  12. Akehurst, R L & Culyer, Anthony J, 1974. "On the Economic Surplus and the Value of Life," Bulletin of Economic Research, Wiley Blackwell, vol. 26(2), pages 63-78, November.
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