A Proposed Methodology for Prioritizing Project Effects to Include in Cost-Benefit Analysis Using Resilience, Vulnerability and Risk Perception

Saúl Torres Ortega, Nick Hanley and Pedro Diaz Simal
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Saúl Torres Ortega: Department of Business Administration, University of Cantabria, E.T.S. Ingenieros de Caminos, C y P. Avda. de los Castros s/n, Santander 39005, Spain
Pedro Diaz Simal: Department of Business Administration, University of Cantabria, E.T.S. Ingenieros de Caminos, C y P. Avda. de los Castros s/n, Santander 39005, Spain

Sustainability, 2014, vol. 6, issue 11, 1-22

Abstract: Cost-benefit analysis (CBA) has emerged as one of the most widely used methodologies in environmental policy analysis, with many governments applying it in their decision-making procedures and laws. However, undertaking a full CBA is expensive, and conclusions must be drawn on which project or policy impacts to include in the analysis. Based on the ideas of resilience, vulnerability and risk, we suggest a method for prioritizing project impacts for inclusion in a CBA, which includes both expert assessment and citizen preferences. We then illustrate how the method can be applied in the context of land use change decisions, using a real application.

Keywords: cost-benefit analysis; ranking; impact analysis; resilience; vulnerability; risk (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (2)

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