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 provide valuable information about individuals’ needs and wants;
• note that cost-benefit analysis (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 valuation of goods and services;
• differentiate between cost effectiveness analysis (CEA) and CBA;
• have an intuitive understanding of conflicts and contradictions associated ...
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