A course covering the techniques and applications of cost-benefit analysis including project evaluation in the context of both developed and less-developed economies. Topics include: the welfare-economic foundations of cost-benefit analysis, investment decision rules, the choice of a social discount rate, risk and uncertainty, shadow pricing of inputs with and without distortions, and special problems of project evaluation. Other objectives such as income distribution and macroeconomic goals are also considered.
ECON 255; ECON 310
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