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

Author Info

Listed author(s):
  • 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: https://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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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
Contact details of provider: Web page: https://www.degruyter.com

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References listed on IDEAS
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  1. James T. Hamilton & W. Kip Viscusi, 1999. "Calculating Risks?: The Spatial and Political Dimensions of Hazardous Waste Policy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262082780, July.
  2. Robert W. Hahn & Richard L. Schmalensee & Roger Noll & Robert Stavins & Lester B. Lave & George C. Eads & Milton Russell & V. Kerry Smith & Maureen L. Cropper & Paul R. Portney & Kenneth J. Arrow, 1996. "Benefit-Cost Analysis in Environmental, Health, and Safety Regulation," Books, American Enterprise Institute, number 51790.
  3. Viscusi, W Kip & Aldy, Joseph E, 2003. "The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World," Journal of Risk and Uncertainty, Springer, vol. 27(1), pages 5-76, August.
  4. Lawrence Summers & Richard Zeckhauser, 2008. "Policymaking for posterity," Journal of Risk and Uncertainty, Springer, vol. 37(2), pages 115-140, December.
  5. Robert J. Brent, 1998. "Cost–Benefit Analysis for Developing Countries," Books, Edward Elgar Publishing, number 1236.
  6. Jamison, Dean T. & Jamison, Julian, 2011. "Characterizing the Amount and Speed of Discounting Procedures," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 2(02), pages 1-56, April.
  7. Lisa A. Robinson & James K. Hammitt, 2013. "Behavioral economics and the conduct of benefit–cost analysis: towards principles and standards," Chapters,in: Principles and Standards for Benefit–Cost Analysis, chapter 10, pages 317-363 Edward Elgar Publishing.
  8. David F. Burgess & Richard O. Zerbe, 2013. "Appropriate discounting for benefit–cost analysis," Chapters,in: Principles and Standards for Benefit–Cost Analysis, chapter 7, pages 247-263 Edward Elgar Publishing.
  9. S. Dellavigna., 2011. "Psychology and Economics: Evidence from the Field," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 4.
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  11. Willig, Robert D, 1976. "Consumer's Surplus without Apology," American Economic Review, American Economic Association, vol. 66(4), pages 589-597, September.
  12. Jamison Dean T. & Jamison Julian, 2011. "Characterizing the Amount and Speed of Discounting Procedures," Journal of Benefit-Cost Analysis, De Gruyter, vol. 2(2), pages 1-56, April.
  13. Richard E, Just & Darrell L. Heuth & Andrew Schmitz, 2004. "The Welfare Economics of Public Policy," Books, Edward Elgar Publishing, number 3342.
  14. Viscusi, W. Kip, 2011. "Policy Challenges of the Heterogeneity of the Value of Statistical Life," Foundations and Trends(R) in Microeconomics, now publishers, vol. 6(2), pages 99-172, July.
  15. Scott Farrow, 2007. "The Economics Of Homeland Security Expenditures: Foundational Expected Cost-Effectiveness Approaches," Contemporary Economic Policy, Western Economic Association International, vol. 25(1), pages 14-26, 01.
  16. Viscusi, W. Kip, 1998. "Rational Risk Policy: The 1996 Arne Ryde Memorial Lectures," OUP Catalogue, Oxford University Press, number 9780198293637.
  17. repec:reg:rpubli:98 is not listed on IDEAS
  18. L. Eeckhoudt & C. Gollier & H. Schlesinger, 2005. "Economic and financial decisions under risk," Post-Print hal-00325882, HAL.
  19. 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 364-378, June.
  20. Haveman, Robert H & Gabay, Mary & Andreoni, James R, 1987. "Exact Consumer's Surplus and Deadweight Loss: A Correction," American Economic Review, American Economic Association, vol. 77(3), pages 494-495, June.
  21. Hausman, Jerry A, 1981. "Exact Consumer's Surplus and Deadweight Loss," American Economic Review, American Economic Association, vol. 71(4), pages 662-676, September.
  22. Jones, Chris, 2005. "Applied Welfare Economics," OUP Catalogue, Oxford University Press, number 9780199281978.
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Cited by:

  1. Kip Viscusi, W. & Gayer, Ted, 2016. "Rational Benefit Assessment for an Irrational World: Toward a Behavioral Transfer Test," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 7(01), pages 69-91, March.
  2. Farrow Scott, 2013. "How (Not) to Lie with Benefit-Cost Analysis," The Economists' Voice, De Gruyter, vol. 10(1), pages 45-50, December.
  3. Burgess, David F. & Zerbe, Richard O., 2013. "The most appropriate discount rate," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 4(03), pages 391-400, December.

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