By OECD Organisation for Economic Co-operation and Develop
This publication offers an in-depth evaluate of the newest conceptual and methodological advancements in cost-benefit research and the environment. It examines how bills and advantages are evaluated and given financial price, how you can keep in mind affects on destiny generations and affects of irreversible losses, and the way to accommodate fairness and sustainability matters.
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Additional resources for Cost-Benefit Analysis and the Environment: Recent Developments
That is, for CBA purposes, it mattered little if WTP or WTA was used in either of the relevant contexts (a gain, and a loss). There are theoretical reasons for supposing that WTP and WTA should be very similar. But empirical estimation of these magnitudes has tended to show that they do vary, sometimes significantly, and with WTA > WTP. Depending on one’s view of the evidence that WTA and WTP differ in practice, the choice of WTA or WTP could matter substantially for CBA. Accordingly, this issue is deferred for a fuller discussion in Chapter 11.
Moreover, whereas CBA works with the public’s preferences, public trust works with the restoration of the environmental asset itself. As Kopp and Smith (1993) put it: “Damage awards for injuries to natural resources are intended to maintain a portfolio of natural assets that have been identified as being held in public trust… Because this compensation is to the public as a whole, the payment is made to a designated trustee and the compensation takes the form of in-kind services…” (Kopp and Smith, 1993, p.
Everything else was worse. Other criticisms seemed also to be less important in the real world of policy: partial equilibrium analysis, for example, seems appropriate so long as there are no major repercussions elsewhere in the economy from a given project or policy, as is often (but not always) the case. Practical guidelines for using welfare economics in the guise of cost-benefit analysis were drawn up first for the water sector in the USA. The US Flood Control Act of 1936 declared that the control of flood waters was “in the interests of the general welfare” and the role of the Federal Government was to “improve or participate in the improvement of navigable waters … for flood control purposes if the benefits to whomsoever they accrue are in excess of the estimated costs”.