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On the Choice of Large Projects

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  • Richard G. Harris

Abstract

Conventional cost-benefit analysis has generally not taken into account the care in which the project is sufficiently large that its introduction would have significant general equilibrium effects. This paper examines rules that indicate whether such large projects should be accepted or rejected. The rule uses the information from before-project and after project equilibrium prices and production data. Rules are developed for the un-distorted 'first best' case, the case in which the fixed cost of the project are covered by distortionary taxation, and the case of projects producing public goods.
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Suggested Citation

  • Richard G. Harris, 1978. "On the Choice of Large Projects," Canadian Journal of Economics, Canadian Economics Association, vol. 11(3), pages 404-423, August.
    • Handle: RePEc:cje:issued:v:11:y:1978:i:3:p:404-23
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    1. repec:mul:je8794:doi:10.1429/34355:y:2011:i:1:p:125 is not listed on IDEAS
    2. Luukka, Pasi & Collan, Mikael, 2015. "New fuzzy insurance pricing method for giga-investment project insurance," Insurance: Mathematics and Economics, Elsevier, vol. 65(C), pages 22-29.
    3. Robin Boadway, 2017. "Second-Best Theory: Ageing well at Sixty," Pacific Economic Review, Wiley Blackwell, vol. 22(2), pages 249-270, May.
    4. Boadway, Robin, 1999. "Le rôle de la théorie de l’optimum du second rang en économie publique," L'Actualité Economique, Société Canadienne de Science Economique, vol. 75(1), pages 29-65, mars-juin.
    5. Kono, Tatsuhito & Kishi, Akio, 2018. "What is an appropriate welfare measure for efficiency of local public policies inducing migration?," Mathematical Social Sciences, Elsevier, vol. 91(C), pages 25-35.
    6. Collan, Mikael, 2004. "Giga-Investments: Modelling the Valuation of Very Large Industrial Real Investments," MPRA Paper 4328, University Library of Munich, Germany.

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