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Cost benefit analysis vs. referenda

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Author Info
Martin J. Osborne
Matthew A. Turner

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Abstract

We consider a planner who chooses between two possible public policies and ask whether a referendum or a cost benefit analysis leads to higher welfare. We find that a referendum leads to higher welfare than a cost benefit analyses in "common value" environments. Cost benefit analysis is better in "private value" environments.

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File URL: http://repec.economics.utoronto.ca/files/tecipa-286.pdf
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Publisher Info
Paper provided by University of Toronto, Department of Economics in its series Working Papers with number tecipa-286.

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Length: 27 pages
Date of creation: 13 Apr 2007
Date of revision:
Handle: RePEc:tor:tecipa:tecipa-286

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Related research
Keywords: Cost benefit analysis; elections; referenda; project evaluation;

Find related papers by JEL classification:
H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate
H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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This page was last updated on 2009-11-21.

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