TAILIEUCHUNG - Lecture Public economics (5th edition) - Chapter 9: Cost-benefit analysis

Learning objectives of this chapter include: Distinguish between the private and public sector approaches to project evaluation; explain the net present value approach to project evaluation and compare it with the internal rate of return and the benefit-cost ratio; show why, under ideal conditions, public sector projects should strive to maximise consumer (and producer) surplus;. | OXJORD UNIVERSITY PRESS SOUTHERN AFRICA Public Economics Chapter 9 Cost benefit analysis Oxford University Press Southern Africa Pty Ltd 2011 Learning outcomes Distinguish between the private and public sector approaches to project evaluation Explain the net present value approach to project evaluation and compare it with the internal rate of return and the benefit-cost ratio Show why under ideal conditions public sector projects should strive to maximise consumer and producer surplus Explain the meaning of shadow prices and comment on some of the difficulties involved in quantifying benefits and costs Discuss the importance of the social discount rate in determining the net present value of a public project Indicate how risk factors can be taken into account in project evaluation. OXFORD UNIVERSITY PRESS SOUTHERN AFRICA Oxford University Press Southern Africa Pty Ltd 2011 Cost-benefit analysis Cost-benefit analysis CBA is an analytical tool used to evaluate the relative merits of public projects financed by the state. It differs from evaluation techniques used in the private sector because it strives to maximise something other than monetary profits or the difference between private benefits and private costs . OXFORD UNIVERSITY PRESS SOUTHERN AFRICA Oxford University Press Southern Africa Pty Ltd .

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