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Applied Welfare Economics: Cost-Benefit Analysis of Projects and Policies 2nd edition [Hardback]

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(University of Milan, Italy),
  • Formāts: Hardback, 324 pages, height x width: 246x174 mm, weight: 453 g, 18 Tables, black and white; 13 Line drawings, black and white; 1 Halftones, black and white; 14 Illustrations, black and white
  • Sērija : Routledge Advanced Texts in Economics and Finance
  • Izdošanas datums: 30-Aug-2022
  • Izdevniecība: Routledge
  • ISBN-10: 1032043008
  • ISBN-13: 9781032043005
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Applied Welfare Economics: Cost-Benefit Analysis of Projects and Policies 2nd editionPalielināt
  • Formāts: Hardback, 324 pages, height x width: 246x174 mm, weight: 453 g, 18 Tables, black and white; 13 Line drawings, black and white; 1 Halftones, black and white; 14 Illustrations, black and white
  • Sērija : Routledge Advanced Texts in Economics and Finance
  • Izdošanas datums: 30-Aug-2022
  • Izdevniecība: Routledge
  • ISBN-10: 1032043008
  • ISBN-13: 9781032043005
Citas grāmatas par šo tēmu:
Permanent link: https://www.kriso.lv/db/9781032043005.html
Keywords:

Applied Welfare Economics: Cost-Benefit Analysis for Project and Policy Evaluation presents a consistent framework for applied welfare economics and is grounded in a comprehensive theory of cost-benefit analysis, specifically focused on offering a practical approach to policy and project evaluation.



Applied Welfare Economics: Cost-Benefit Analysis for Project and Policy Evaluation presents a consistent framework for applied welfare economics and is grounded in a comprehensive theory of cost-benefit analysis, specifically focused on offering a practical approach to policy and project evaluation. After opening with a theoretical discussion of the concept of social welfare, a critical analysis of the traditional doctrine of welfare economics embodied in the Two Fundamental Theorems, and a presentation of social cost-benefit analysis, the book introduces readers to an applied framework. This includes the empirical estimation of shadow prices of goods, the social cost of labour and capital, and the assessment of risk. The book also examines real-life experiences with cost-benefit analysis, including ex-post evaluation of major projects, economic rates of return in different sectors, and a case study on privatisation. These chapters draw on first-hand research gained by the author team from years of advisory work for the European Commission and other international and national institutions. This second edition presents updated data, more international examples, and more coverage of topics such as very long run discounting effects and climate change as an intergenerational effect. It also includes more practical examples and end-of-chapter questions to aid student’s learning. Applied Welfare Economics is a valuable textbook for upper-level courses on welfare economics, cost-benefit analysis, public policy analysis and related areas.
List of Figures
ix
List of Tables
xi
List of Boxes
xiii
Preface xv
Acknowledgements xix
Abbreviations xxi
Main notation xxv
PART ONE Theory
1(88)
1 On social welfare
3(29)
Overview
3(1)
1.1 The concept of social welfare
4(4)
1.2 The welfare assumptions behind GDP and NNP
8(1)
1.3 Individual and social welfare
9(4)
1.4 Determinants of individual welfare: goods
13(1)
1.5 Determinants of social welfare: individual utilities
14(6)
1.6 Sen's critique of individualistic Social Welfare Function
20(2)
1.7 Paternalism and not (only) individualistic Social Welfare Functions
22(2)
1.8 Happiness Economics
24(2)
1.9 `Positive' analysis
26(2)
1.10 Further reading
28(1)
1.11 Summary of
Chapter 1
29(1)
End chapter questions
30(2)
2 The two fundamental theorems re-examined
32(30)
Overview
32(1)
2.1 Theorems versus intuitions
33(2)
2.2 The Arrow---Debreu (AD) economy
35(2)
2.3 The axiomatic structure
37(2)
2.4 Consumers, producers, and government: objectives and constraints
39(3)
2.5 The Walrasian equilibrium
42(3)
2.6 The two theorems without ideology
45(2)
2.7 The critiques by Stiglitz to the theorems
47(2)
2.8 Critical analysis of the Second Theorem
49(3)
2.9 The government rediscovered in second-best economies
52(2)
2.10 Further reading
54(2)
2.11 Summary of
Chapter 2
56(1)
End chapter questions
57(1)
Appendix 2.1 Policies based on the Second Theorem
58(4)
3 Shadow prices and the social planner
62(27)
Overview
62(1)
3.1 Introductory remarks
63(3)
3.2 A model for project and policy evaluation
66(4)
3.3 A second-best economy in the DS frame
70(3)
3.4 Policy reforms and shadow prices
73(3)
3.5 Multi-government setting
76(4)
3.6 Why use shadow prices?
80(1)
3.7 Further reading
80(1)
3.8 Summary of
Chapter 3
81(1)
End chapter questions
82(1)
Appendix 3.1 Some results from Dreze and Stern (1987)
83(6)
PART TWO Empirics
89(144)
4 The social cost of goods
91(40)
Overview
91(1)
4.1 Observed prices and financial analysis
92(3)
4.2 Accounting prices and economic analysis
95(6)
4.3 Empirical approaches for guessing accounting prices
101(1)
4.4 The border price rule for tradable goods
102(2)
4.5 The Standard Conversion Factor
104(1)
4.6 The long-run marginal cost
105(2)
4.7 Willingness-to-pay
107(13)
4.8 Further reading
120(1)
4.9 Summary of
Chapter 4
121(1)
Questions
121(1)
Appendix 4.1 Financial analysis
122(3)
Appendix 4.2 An example of financial and economic analysis
125(6)
5 The social cost of labour
131(20)
Overview
131(1)
5.1 Earlier literature on the social opportunity cost of labour
132(4)
5.2 A conceptual model for the social cost of labour
136(2)
5.3 The shadow wage rate and labour market conditions
138(6)
5.4 Empirical estimation of shadow prices for EU regions
144(3)
5.5 Further reading
147(1)
5.6 Summary of
Chapter 5
148(1)
End of chapter questions
149(2)
6 The social cost of capital
151(26)
Overview
151(1)
6.1 Rationale for discounting
151(1)
6.2 Estimating the social discount rate
152(6)
6.3 The social discount rate as a function of time
158(4)
6.4 Empirical estimates of the social discount rate
162(8)
6.5 The opportunity cost of public funds
170(2)
6.6 Further reading
172(1)
6.7 Summary of
Chapter 6
173(1)
End of chapter questions
174(3)
7 Welfare weights and distributional impacts
177(20)
Overview
177(1)
7.1 Why are equity considerations needed in CBA?
178(2)
7.2 Deriving welfare weights
180(1)
7.3 Estimation of distributional weights
181(3)
7.4 The distributional characteristic of goods
184(2)
7.5 Group and regional welfare weights
186(3)
7.6 Basic needs and social affordability
189(4)
7.7 Further reading
193(2)
7.8 Summary of
Chapter 7
195(1)
End of chapter questions
196(1)
8 Risk assessment
197(36)
Overview
197(1)
8.1 Rationale of the risk assessment
198(1)
8.2 Definitions and concepts
198(2)
8.3 Historical background: the World Bank model
200(1)
8.4 Sensitivity analysis
201(5)
8.5 Probability analysis
206(5)
8.6 Risk analysis
211(5)
8.7 Further reading
216(1)
8.8 Summary of
Chapter 8
217(1)
End of chapter questions
218(1)
Appendix 8.1 Distributions of probabilities
219(5)
Appendix 8.2 Monte Carlo method
224(4)
Appendix 8.3 Generating correlated random numbers
228(5)
PART THREE Experience
233(66)
9 International evaluation practices
235(24)
Overview
235(1)
9.1 National traditions and operative guidelines
235(9)
9.2 The use of cost-benefit analysis in the EC regional policy
244(3)
9.3 Multilateral development banks
247(7)
9.4 Further reading
254(1)
9.5 Summary of
Chapter 9
255(1)
End of chapter questions
256(3)
10 Ex-post project evaluation
259(23)
Overview
259(1)
10.1 Timing and scope of CBA
260(1)
10.2 Performing ex-post CBA
261(8)
10.3 International practice of ex-post CBA
269(2)
10.4 CBA and the decision-making process
271(1)
10.5 Interpretation of variability of ex-ante us ex-post or re-estimated internal rates of return
272(2)
10.6 Comparison between ex-ante and ex-post economic rates of return
274(2)
10.7 CBA and incentives
276(1)
10.8 Further reading
276(1)
10.9 Summary of
Chapter 10
277(2)
End of chapter questions
279(3)
11 The use of cost-benefit analysis in regulatory policy
282(17)
Overview
282(1)
11.1 Adopting CBA for regulatory impact assessment: rationale and main elements
282(4)
11.2 International practices
286(7)
11.3 A key tool for good governance? Some critical considerations
293(3)
11.4 Further reading
296(1)
11.5 Summary of
Chapter 11
296(1)
End of chapter questions
297(2)
Bibiography 299(26)
Index 325
Massimo Florio is Professor of Public Economics and Jean Monnet Chair ad personam of EU Industrial Policy at the University of Milan, Italy.

Chiara Pancotti is Adjunct Professor of Cost-Benefit Analysis at Universitą degli Studi di Milano and Senior Researcher at the Centre for Industrial Studies, Italy.