Cost Benefit Analysis and Individual Preferences
It has been said that democracy is the worst form of government except all the others that have been tried.
Sir Winston Churchill
Chapter 2 Preview
When you have completed reading this chapter you will:
• realize that market prices and surveys contain valuable information about what individuals’ need and want;
• note that CBA templates list costs and benefits separately;
• understand the importance of willingness to pay (WTP) and willingness to accept (WTA) as measures of a community’s values;
• differentiate between cost effectiveness analyses (CEA) and (CBA);
• have an intuitive understanding of conflicts and contradictions associated with what economists label “social welfare ...
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