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

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  • Farrow, Scott
  • Viscusi, W. Kip

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.

Suggested Citation

  • Farrow, Scott & Viscusi, W. Kip, 2011. "Towards Principles and Standards for the Benefit-Cost Analysis of Safety," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 2(3), pages 1-25, August.
    • Handle: RePEc:cup:jbcoan:v:2:y:2011:i:03:p:1-25_00
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    Cited by:

    1. Ted Gayer & W. Kip Viscusi, 2016. "Determining the Proper Scope of Climate Change Policy Benefits in U.S. Regulatory Analyses: Domestic versus Global Approaches," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 10(2), pages 245-263.
    2. Kip Viscusi, W. & Gayer, Ted, 2016. "Rational Benefit Assessment for an Irrational World: Toward a Behavioral Transfer Test1," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 7(1), pages 69-91, April.
    3. Mark A. Cohen & David P. Farrington, 2021. "Appropriate Measurement And Use Of “Costs Of Crime” In Policy Analysis: Benefit‐Cost Analysis Of Criminal Justice Policies Has Come Of Age," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 40(1), pages 284-293, January.
    4. Jones, Michael, 2017. "The Effect of Job Readiness Programs on Criminal Behavior," MPRA Paper 81908, University Library of Munich, Germany.
    5. Burgess David F. & Zerbe Richard O., 2013. "The most appropriate discount rate," Journal of Benefit-Cost Analysis, De Gruyter, vol. 4(3), pages 391-400, December.
    6. Farrow Scott, 2013. "How (Not) to Lie with Benefit-Cost Analysis," The Economists' Voice, De Gruyter, vol. 10(1), pages 45-50, December.
    7. Solow, Andrew R. & Farrow, Scott, 2024. "Li and Pizer in the short-run: A comment on discounting," Journal of Environmental Economics and Management, Elsevier, vol. 127(C).

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