Project Selection and Macroeconomic Objectives: A Methodology Applied to Peruvian Irrigation Projects

Stephen E. McGaughey and Erik Thorbecke

American Journal of Agricultural Economics, 1972, vol. 54, issue 1, 32-40

Abstract: A method of obtaining investment priorities is formulated and applied to 11 Peruvian irrigation projects. The principal feature of the analysis is a ranking function which incorporates national economic objectives with appropriate weights. Project priorities are derived from each economic objective using the applicable investment criteria. The ranking function is used to combine the priorities into a ranking by explicitly accounting for numerical weights on the objectives. The function appears to be a general device which can include as many objectives as there are suitable investment criteria.

Date: 1972
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