1. Introduction
2. Efficiency Norm: Pareto Optimality
3. Economic Efficiency and the Market Mechanism
4. Economic Efficiency and Public Goods
5. Economic Efficiency in the Presence of Externalities
6. Collective Decision Making
7. Principles of Cost-Benefit Analysis
8. Allocational Effects of Public Projects
9. Measuring Costs and Benefits
10. Nonmarket Valuation
11. Investment Criteria and Project Selection
12. The Choice of Discount Rate
13. Income Distribution as an Evaluation Criterion
14. Applications of Cost-Benefit Analysis
15. Evaluation Issues in Environmental Studies
16. Evaluation Studies: Health Care
17. CBA in a Developing Country Context
Tevfik F. Nas is professor of economics at the University of Michigan-Flint.
Nas has been able to accomplish a difficult task – providing an
understandable welfare economics foundation for those new to the
subject and enough detail to make sure that these individuals are
able to apply CBA to complex allocation problems such as climate
change policy. All policy makers should read the book to
better understand the power of CBA to address efficiency in
exchange, production and allocation.
*Wade Martin, California State University, Long Beach*
Benefit-Cost analysis is one of the most powerful economic tools
for improving efficiency in government spending, but it is too
little known and understood by both citizens and government
decision-makers. In this second edition of his important book,
Tevfik Nas provides a highly readable overview of the theory and
method of selecting public investments that provide the largest
return for taxpayers and the general population. The applications
are particularly useful as illustrations of the potential of the
benefit-cost approach.
*Henry Levin, Director, National Center for the Study of
Privatization in Education, Teachers College, Columbia University*
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