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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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Quasi Option Value

Costs and benefits are rarely known with certainty, but uncertainty can be reduced by gathering information. Any decision made now and which commits resources or generates costs that cannot subsequently be recovered or reversed, is an irreversible decision. In this context of uncertainty and irreversibility it may pay to delay making a decision to commit resources. The value of the information gained from that delay is the option value or quasi-option value.

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