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Cost-Benefit Analysis and the Environment

Recent Developments

image of Cost-Benefit Analysis and the Environment

This book presents an in-depth assessment of the most recent conceptual and methodological developments in cost-benefit analysis and the environment. It examines how costs and benefits are evaluated and given monetary value, how to take into account impacts on future generations and impacts of irreversible losses, and how to deal with equity and sustainability issues.

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Decision Rules

Crucial to the final steps of a CBA is the decision rule. That is, the criterion whereby a particular project or policy can be recommended (or otherwise) on cost-benefit grounds. In this chapter it is noted that the correct criterion for reducing benefits and costs to a unique value is the net present value (NPV) or net benefits criterion. The correct rule is to adopt any project with a positive NPV and to rank projects by their NPVs.

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