Summary |
This book has been divided into four Parts. The first, on ‘objective functions’, deals with the cost-benefit objective of maximising gains to social welfare. The second Part deals with ‘accountings’ or ‘shadow’ prices.
Part 3 completes the theoretical analysis of cost-benefit with a discussion of the appropriate ‘normalisation’ techniques – net present value, internal rate of return and so on.
Part 4 details two applications of cost-benefit, one to a project in an advanced economy, and one which, while applicable to many advanced economies, is used to illustrate the relevance of cost-benefit for underdeveloped economies.
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