Project appraisal: A revival is long overdue

Clive Bell

No wp-2017-111, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: This paper makes the case for the systematic appraisal of public sector projects using shadow prices as the signals of social scarcities. In so doing, it attempts to redress the balance between estimating inputs and outputs, central though that task is, and valuing them correctly. The account of how to estimate shadow prices for this purpose pays particular attention to the social discount rate and how to treat uncertainty at both the project and economy-wide levels.

Keywords: Cost-benefit analysis; Shadow prices; Uncertainty (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:unu:wpaper:wp-2017-111

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