Towards Principles and Standards for the Benefit-Cost Analysis of Safety

Robert Scott Farrow () and W Kip Viscusi

Journal of Benefit-Cost Analysis, 2011, vol. 2, issue 3, pages 5

Abstract:

Benefit-cost analysis (BCA) is frequently applied to decisions involving public safety which requires analyzing risk and assessing options to manage risks. Principles and standards may assist analysts, decision-makers, and the public in developing and interpreting such BCAs. Principles and standards at best represent commonly held views among a community of practice. Such views are continually evolving with advances in the field. This paper presents a modularized format towards principles and standards that may assist in focusing discussion and decisions about whether such proposals actually reflect principles and standards within the benefit-cost analysis community of practice. Among topics covered are welfare measures, benefit or cost transfer, and valuing uncertain outcomes.

Keywords: Risk and uncertainty; safety; risk; principles; standards; welfare (search for similar items in EconPapers)
Date: 2011
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