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A Proposed Methodology for Prioritizing Project Effects to Include in Cost-Benefit Analysis Using Resilience, Vulnerability and Risk Perception

Author

Listed:
  • Saúl Torres Ortega

    (Department of Business Administration, University of Cantabria, E.T.S. Ingenieros de Caminos, C y P. Avda. de los Castros s/n, Santander 39005, Spain)

  • Nick Hanley

    (Department of Geography and Sustainable Development, University of St Andrews, Fife KY16 9AJ, Scotland
    These authors contributed equally to this work.)

  • Pedro Diaz Simal

    (Department of Business Administration, University of Cantabria, E.T.S. Ingenieros de Caminos, C y P. Avda. de los Castros s/n, Santander 39005, Spain
    Instituto de Hidráulica Ambiental "IH Cantabria", University of Cantabria, Avda. Isabel Torres 15, PCTCAN, Santander 39011, Spain
    These authors contributed equally to this work.)

Abstract

Cost-benefit analysis (CBA) has emerged as one of the most widely used methodologies in environmental policy analysis, with many governments applying it in their decision-making procedures and laws. However, undertaking a full CBA is expensive, and conclusions must be drawn on which project or policy impacts to include in the analysis. Based on the ideas of resilience, vulnerability and risk, we suggest a method for prioritizing project impacts for inclusion in a CBA, which includes both expert assessment and citizen preferences. We then illustrate how the method can be applied in the context of land use change decisions, using a real application.

Suggested Citation

  • Saúl Torres Ortega & Nick Hanley & Pedro Diaz Simal, 2014. "A Proposed Methodology for Prioritizing Project Effects to Include in Cost-Benefit Analysis Using Resilience, Vulnerability and Risk Perception," Sustainability, MDPI, vol. 6(11), pages 1-22, November.
    • Handle: RePEc:gam:jsusta:v:6:y:2014:i:11:p:7945-7966:d:42183
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    References listed on IDEAS

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    Cited by:

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    2. Sangwon Lee & Suneung Ahn & Changsoon Park & You-Jin Park, 2016. "Development of a Resource Allocation Model Using Competitive Advantage," Sustainability, MDPI, vol. 8(3), pages 1-13, February.

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