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Cost-Benefit Analysis for Public Sector Decision Makers
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Diana Fuguitt, Shanton J. Wilcox
ISBN: 1-56720-222-5
ISBN-13: 978-1-56720-222-9
342 pages
Praeger Publishers
Publication: 10/30/1999
List Price: $125.00 (UK Sterling Price: £86.95)
Availability: Print on demand
Media Type: Hardcover
Trim Size: 6 1/8 x 9 1/4
Subjects:
Description: Fuguitt and Wilcox skillfully guide analysts, public sector managers, and students of decision-making through a full range of the essential steps to perform, interpret, and assess cost-benefit analysis. Their book shows how to grasp the principles of cost-benefit analysis and several related economic valuation methods, how to apply them in undertaking an objective analysis, and how to use the analysis as a decision-making tool across a wide range of fields and applications. An extensive knowledge of economic theory, calculus or advanced graphical analysis is not needed to understand the principles or techniques. Accessible to those who understand basic algebra and have a beginner's hold on statistics, the book also provides a bridge to the more advanced literature in economics and to other analyses used to perform sophisticated valuations. A unique, much-needed presentation of all that is required to gain an immediate, useful understanding of the topic.

The authors explain basic economic concepts and show how they are relevant to understanding an analytical approach. They enumerate principles and detail such technical components as with and without analysis, discounting, decision criteria and uncertainty assessment. The book provides especially extensive coverage of the contingent valuation method along with market valuation, the travel cost and property value methods, human life valuation, and cost-effectiveness analysis. They explain empirical methods used to perform these valuation techniques and cover survey and regression analysis as well. Most importantly, Fuguitt and Wilcox treat the topic within its real-world context—as a decision-making tool to assess a particular policy's efficiency and to provide the decision maker with necessary information. Trade-offs between efficiency and other policy objectives are also addressed, as is the interdisciplinary setting within which cost-benefit analysis is interpreted, enabling readers to understand that policy advocates and adversaries bring their own values and competing interests to bear on any decision-making process.
Table of Contents:
  • Preface
    Cost-Benefit Analysis in Practice
    A History of Application
    The Decision Maker, Analyst and Cost-Benefit Analysis
    Policy Advocates and Adversaries: Scrutiny and Accountability
    How to Do Cost-Benefit Analysis
    Economics and Cost-Benefit Analysis
    Economic Valuation of Individual Preferences
    Who Is Society?
    "With and Without" Analysis
    Aggregate Benefits and Costs
    Present Value of Benefits and Costs Distributed Over Time
    Decision Criteria
    Discount Rate
    Inflation
    Time Horizon
    Uncertainty and Risk
    Principles of Cost-Benefit Analysis
    Benefits and Costs: Identification and Valuation
    Identifying Benefits and Costs
    Market Valuation
    Contingent Valuation Method
    Travel Cost Method
    Hedonic Pricing Method: Property Value Approach
    Valuation of Human Life
    Cost-Effectiveness Analysis
    Principles for Identifying and Valuing Benefits and Costs
About the Author: DIANA FUGUITT is Professor of Economics and a Coordinator of an interdisciplinary Environmental Studies major at Eckerd College, St. Petersburg, Florida./e She has directed numerous economic and environmental studies students in the techniques of cost-benefit analysis, and received the Robert A. Staub Distinguished Teaching Award in 1992. She has also presented and published papers in African agricultural development and habitat valuation.

SHANTON J. WILCOX is a Senior Consultant for a top management consulting firm./e He recently completed a warehousing cost-benefit analysis as a logistical consultant for an engineering and architectural firm.
LCC Class: 352
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