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

Robert Farrow and W Viscusi

Journal of Benefit-Cost Analysis, 2011, vol. 2, issue 3, 1-25

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.

Date: 2011
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Chapter: Towards principles and standards for the benefit–cost analysis of safety (2013)
Journal Article: Towards Principles and Standards for the Benefit-Cost Analysis of Safety (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jbcoan:v:2:y:2011:i:03:p:1-25_00

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