By E. J. Mishan
Should Malaysia construct a brand new metal mill, or long island urban an city highway? may still better schooling extend, or water offers be more suitable? those are normal inquiries to which cost-benefit research, the main fiscal toolВ for reading difficulties of social selection can give a contribution to,В as good as supplying an invaluable motor vehicle for realizing the sensible price of welfare economics. This beneficial textВ covers the most difficulties that come up in a standard cost-benefit exercise.
Cost-benefit research is used all over the place, yet its strategies are quite popular in fields the place there's a few form of moral dimension.В For this variation, E.J. Mishan has been joined via Euston Quah, to discover new themes,В including the impression ofВ uncertainty on cost-benefit research and toВ introduce a number of recent and updated case studies.
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Extra resources for Cost-Benefit Analysis
5 So far, the consumer surplus analysis has had reference to the demand for a final good, say a clock, although it can also be extended to the derived demand for some input or intermediate good, such as the steel that is used in the manufacture of clocks. The appropriate consumers surplus measure for steel, or steel of a particular kind, is obtained from the correctly derived demand curves for steel. 3 We are also to take care not to violate the ceteris paribus assumption for the demand curves for steel derived from all other steel-using goods, which requires that such demand curves be introduced in sequence, as will be explained in the following chapter.
Thus, in the limiting case in which he continues to buy only ten litres at the lower price, he will find himself 1 There have been critiques based on inconsistency, intransitivity, and multiplicity. An appraisal of the main critiques can be found in Mishan (1977a). 2 For instance, Little (1957) stated that it was no more than ‘a theoretical toy’ (p. 180) and, according to Samuelson (1963), ‘The subject is of historical and doctrinal interest with a limited amount of appeal as a purely mathematical puzzle’ (p.
If this later bridge B is built in response only to the growth in traffic – itself a result of the growth in population and in per capita real income – no problem arises. But if bridge B is to some extent competitive with the original bridge A, two questions must be faced: first, whether bridge A should be built at all if it is expected that a competitive, and possibly superior, bridge B will be built at a later date. Second, if it does appear economically feasible to build bridge A today, notwithstanding the later introduction of bridge B, when should bridge B be introduced?