Cost Benefit Analyses versus Referenda

Martin J. Osborne () and Matthew Turner ()

Journal of Political Economy, 2010, vol. 118, issue 1, pages 156-187

Abstract: We consider a planner who chooses between two public policies and ask whether a referendum or a cost benefit analysis leads to higher welfare. We find that a referendum leads to higher welfare than a cost benefit analysis in a "common value" environment. Cost benefit analysis is better in a "private value" environment. (c) 2010 by The University of Chicago. All rights reserved..

Date: 2010
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