 On lessons from energy and environmental cost–benefit analysisPer-Olov Johansson Technological Forecasting and Social Change, 2016, vol. 112, issue C, 20-25 Abstract: This short paper introduces a few concepts from environmental, energy, and health economics that may be useful in evaluations of infrastructure investment in R&D. These concepts focus on valuing commodities and resource stocks under uncertainty. In particular, households may value a commodity (or a resource stock or a species) even if they never will consume the commodity. This may also be true for services generated by R&D infrastructure. Similarly, there are existence values, i.e., a household may be willing to pay for the saving of an endangered species. This may also be true for some R&D infrastructure, i.e., they may be classified as a (world) heritage. They also generate new medical treatments saving lives as well as curing non-fatal diseases. Health and environmental economists have since long dealt with the valuation of such benefits. Keywords: Cost–benefit analysis; Option value; Option price; Compensating variation; Expected compensating variation; Health; R&D (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:tefoso:v:112:y:2016:i:c:p:20-25 DOI: 10.1016/j.techfore.2016.01.002 Access Statistics for this article Technological Forecasting and Social Change is currently edited by Fred Phillips More articles in Technological Forecasting and Social Change from Elsevier |
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