Cost-Benefit Analysis

Fülszöveg

This new and enlarged edition of Cost-Benefit Analysis, written by one of the most popular exponents of the subject, adheres to the aims and methods of the original edition. Thus it aims to provide a highly intelligible exposition of those economic concepts the understanding of which is necessary in the design of modern cost-benefit studies. As for the method of exposition, since he regards the student's time as being far scarcer than printed paper, the author firmly resists the/stylist temptations of compactness, elegance, and generalisation. Instead, he explains the sense of the key concepts in cost-benefit analysis by numerous arithmétic illustrations that are simple, unambiguous, and designed to bring^ut the essentials clearly. In addition, short chapters have been chosen so as Fo encourage the student to make steady progress, allowing him to accumulate and consolidate his knowledge by a succession of small efforts. Despite these simple expository devices, the book maintains... Tovább

Fülszöveg

This new and enlarged edition of Cost-Benefit Analysis, written by one of the most popular exponents of the subject, adheres to the aims and methods of the original edition. Thus it aims to provide a highly intelligible exposition of those economic concepts the understanding of which is necessary in the design of modern cost-benefit studies. As for the method of exposition, since he regards the student's time as being far scarcer than printed paper, the author firmly resists the/stylist temptations of compactness, elegance, and generalisation. Instead, he explains the sense of the key concepts in cost-benefit analysis by numerous arithmétic illustrations that are simple, unambiguous, and designed to bring^ut the essentials clearly. In addition, short chapters have been chosen so as Fo encourage the student to make steady progress, allowing him to accumulate and consolidate his knowledge by a succession of small efforts. Despite these simple expository devices, the book maintains throughout a high standard of sophistication and thoroughness; yet just because of such expository devices, it will be read more quickly, and digested by students more easily, than a much shorter conventional textbook on the subject that tends to proceed on a more abstract level.
There are, at present, a number of books on investment decisions, on uncertainty and on planning ; some also contain case studies of public projects. On jpost-benefit analysis proper there have been very few texts, and of these two were commissioned recently by international bodies more specifically for the guidance of civil servants in economically underdeveloped countries. This volume, in contrast, offers a balanced presentation of all aspects of the subject, withbut sacrificinig depth of treatment. Indeed, its particular value lies, in the conscientious dissection of the relevant economic concepts, in illustrating their uses and limitations, and in continually pointing out the pitfalls that await the unwary.
With the exception of the first part, which offers some simplified examples of cost-benefit studies, Professor Mishan's revision has extended to all of the original volume and additional material has been incorporated in many places. The part on Investment Criteria, In particular, has been largely rewritten and simplified in order to achieve yet greater clarity of exposition and to bring it up to date. In response to suggestions from colleagues, and guided by his long experience in teaching, the author has also incorporated a wholly new part on Particular Problems in Project Evaluation to help students to become conversant with some of the issues that frequently arise in estimating the benefits of public projects. This new Part Five includes the expanded chapter on loss of life and limb as well as new chapters on valuation of time, unemployment, pollution damage and recreation. The author's reconsideration of the conceptual basis of a cost-benefit criterion in Chapter 58 was stimulated by the valuable criticism of the first edition by Professor James Meade in The Economic Journal (March 1972), and the enlargement of the arguments in the following two chapters arose in response to recent publications on cost-benefit analysis and to further reflection on the methodology of the subject.
The reception accorded to Professor Michan's original volume has vindicated our belief that university teachers and students would be impressed by its acuity of thought and breadth of understanding. This new edition outreaches Its coverage and in clarity of exposition. It is likely to be the standard work on the subject for some years to come Vissza