This book is an advanced text in welfare economics and its application to environmental economics. It provides, in the first chapters, a comprehensive survey of developments in the theory of measurement of welfare, and then applies this theory to environmental economics. The first part derives consumer surplus measures to be used in a timeless world, and the second part looks at international issues.

A major problem in health economics is how to give a value to changes in health. This is the first book to examine all the money measures that are used in such evaluations. Changes in health might be caused by medical treatments, by public safety programmes and by anti-pollution programmes, and the cost-benefit analysis of such programmes involves the use of money measures. The author defines the properties of these money measures, examining them in both a certain and a risky world. He evaluates available empirical approaches for the assessment of the value of health changes, and considers...

Should more water be diverted to or from electricity generation? This timely question is addressed in this short volume. Two different approaches are introduced and compared: The first is a cost-benefit analysis, examining the case of re-regulating a Swedish hydropower plant in which water is diverted from electricity generation to the downstream dryway. The proposed scenario generates environmental and other benefits, but comes at a cost in terms of lost electricity. The second study introduces an approach very different from the one used in conventional cost-benefit analysis, and provides...

Written by two leading experts, this is a compact guide to the key tools and methods necessary to carry out cost-benefit analysis (CBA). The authors use modern economic tools to obtain general equilibrium cost-benefit rules that can be used to evaluate small projects, as well as large and even mega projects. Intertemporal issues like discounting, the shadow price of capital, and the treatment of risk are covered, and a state-of-the-art summary of available methods for the valuation of unpriced commodities is also included. In addition, the book provides detailed expositions of the marginal...

Written by two leading experts, this is a compact guide to the key tools and methods necessary to carry out cost-benefit analysis (CBA). The authors use modern economic tools to obtain general equilibrium cost-benefit rules that can be used to evaluate small projects, as well as large and even mega projects. Intertemporal issues like discounting, the shadow price of capital, and the treatment of risk are covered, and a state-of-the-art summary of available methods for the valuation of unpriced commodities is also included. In addition, the book provides detailed expositions of the marginal...