Economic Analysis And Efficiency In Public Expenditure
Benefit-Cost Analysis involves several steps: development of a program information structure (product categories), estimating the production function, pricing benefits and costs, adjusting for opportunity costs, choice of investment criteria, and incorporating uncertainty. Each step involves conflicts of interest that can only be resolved by political (collective) choice of property rights assigning opportunities to the various interest groups. The rules of benefit-cost analysis for public expenditure are equivalent of private property rights established by legislative and court decisions for the market economy. The traditional separation of technical analysis and political choice is not longer tenable. Theory and practice point to a more interactive, iterative relationship between analysts and politicians.
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| Date of creation: | 2004 |
| Handle: | RePEc:ags:midasp:11776 |
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References listed on IDEAS
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- Leonard Shabman & Kurt Stephenson, 1996. "Searching for the Correct Benefit Estimate: Empirical Evidence for an Alternative Perspective," Land Economics, University of Wisconsin Press, vol. 72(4), pages 433-449.
- Kopp, Raymond & Portney, Paul, 1997. "Mock Referenda for Intergenerational Decisionmaking," Discussion Papers dp-97-48, Resources For the Future.
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- Harrison, David, Jr & Rubinfeld, Daniel L, 1978. "The Air Pollution and Property Value Debate: Some Empirical Evidence," The Review of Economics and Statistics, MIT Press, vol. 60(4), pages 635-638, November.
- Akehurst, R L & Culyer, Anthony J, 1974. "On the Economic Surplus and the Value of Life," Bulletin of Economic Research, Wiley Blackwell, vol. 26(2), pages 63-78, November.
- Chipman, John S & Moore, James C, 1980. "Compensating Variation, Consumer's Surplus, and Welfare," American Economic Review, American Economic Association, vol. 70(5), pages 933-949, December.
- Daniel T. Slesnick, 1998. "Empirical Approaches to the Measurement of Welfare," Journal of Economic Literature, American Economic Association, vol. 36(4), pages 2108-2165, December.
- Dreze, Jean & Stern, Nicholas, 1987. "The theory of cost-benefit analysis," Handbook of Public Economics,in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 2, chapter 14, pages 909-989 Elsevier.
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