Issues in the Application of Cost-Benefit Analysis to

Sudhir Anand and Barry Nalebuff

Oxford Economic Papers, 1987, vol. 39, issue 1, 190-222

Abstract: This paper develops a theoretical framework to evaluate the benefits and costs of energy projects in oil-importing developing countries. This is used to address various questions: How should the problems of energy dependency and vulnerability be reflected in a project appraisal? Are there externalities not captured in the market price of the resource? Should royalty values be included in cost-benefit calculations? Why do the real prices of exhaustible resources rise over time? Should several energy-development projects be done simultaneously? What are the true costs of stock piling oil? Is there a need for coordinating information gathering and project diversification across countries? Copyright 1987 by Royal Economic Society.

Date: 1987
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