Daily Assignment Oct 1 - Daily Assignment#8 The Potential Pareto Principle Willingness-to-Pay and Benefit-Cost Analysis Monday October 1 Readings

Daily Assignment Oct 1 - Daily Assignment#8 The Potential...

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Daily Assignment #8 The Potential Pareto Principle, Willingness-to-Pay, and Benefit-Cost Analysis Monday, October 1 Readings “Benefit Cost Analysis,” Steven Rhoads (Collab) “Project Evaluation, Benefit-Cost Analysis,” Stokey & Zeckhauser, pp. 134-153 (Collab) “Economic Reasoning and the Ethics of Policy,” Thomas Schelling, pp. 1-26 (Collab) “Deciding How to Decide,” Michael Munger, pp. 30-40 (Collab) Key Concepts Benefit-cost analysis weighing of costs and benefits; used to conduct evaluations or assess results of programs; an applied branch of welfare economics that rests on the assumptions that societal welfare is best achieved through consumer sovereignty Willingness to pay the monetary compensation an individual would need in order to be willing to voluntarily accept adverse effects in the absence of improvement Marginal vs. average benefits marginal benefits will usually be less than the average benefits yielded in the past because it accounts for comparison in
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  • Fall '11
  • Kleiman
  • Kaldor-Hicks efficiency, benefit-cost analysis, efficiency policies, Steven Rhoads

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