Response: The Use of Economic Analysis in Public Policy

1995 ◽  
Vol 9 (4) ◽  
pp. 324-326 ◽  
Author(s):  
Wim Wiewel
Keyword(s):  
Economic Analysis ◽  
Cost Benefit Analysis ◽  
Cost Benefit ◽  
Economic Benefits ◽  
Economic Losses ◽  
Benefit Analysis ◽  
Policy Relevance ◽  
Economic Tools ◽  
The University ◽  
Environment Cost

Morales and colleagues deserve credit for extending traditional economic analysis by using anthropological field data and applying midlevel economic tools to policy analysis. However, their analysis is problematic because it exaggerates how many benefits would be lost if the Maxwell Street Market were moved, ignores the costs imposed by the market, and does not consider the economic benefits of the university's proposed land use. Even very moderate success of the university's plans will more than compensate for the economic losses caused by the market's move. It was politically impossible for the university to implement its expansion plans while maintaining the market. Such difficult choices inevitably arise in a complex urban environment. Cost-benefit analysis is a useful tool, but provides only some of the information that enters into the decision-making process. Thus analysts must be modest in the claims they make for the policy relevance of their data.

scholarly journals Economic Analysis of the Use of VCS2000 for Pork Carcass Meat Yield Grading in Korea

Animals ◽  
2021 ◽  
Vol 11 (5) ◽  
pp. 1297
Author(s):  
Juntae Kim ◽  
Hyo-Dong Han ◽  
Wang Yeol Lee ◽  
Collins Wakholi ◽  
Jayoung Lee ◽  
...  
Keyword(s):  
Economic Analysis ◽  
Net Present Value ◽  
Cost Benefit Analysis ◽  
Cost Benefit ◽  
Feed Consumption ◽  
Cost Ratio ◽  
Benefit Analysis ◽  
Labor Costs ◽  
Meat Yield ◽  
The Cost

Currently, the pork industry is incorporating in-line automation with the aim of increasing the slaughtered pork carcass throughput while monitoring quality and safety. In Korea, 21 parameters (such as back-fat thickness and carcass weight) are used for quality grading of pork carcasses. Recently, the VCS2000 system—an automatic meat yield grading machine system—was introduced to enhance grading efficiency and therefore increase pork carcass production. The VCS2000 system is able to predict pork carcass yield based on image analysis. This study also conducted an economic analysis of the system using a cost—benefit analysis. The subsection items of the cost-benefit analysis considered were net present value (NPV), internal rate of return (IRR), and benefit/cost ratio (BC ratio), and each method was verified through sensitivity analysis. For our analysis, the benefits were grouped into three categories: the benefits of reducing labor costs, the benefits of improving meat yield production, and the benefits of reducing pig feed consumption through optimization. The cost-benefit analysis of the system resulted in an NPV of approximately 615.6 million Korean won, an IRR of 13.52%, and a B/C ratio of 1.65.

Age 21 Cost-Benefit Analysis of the Title I Chicago Child-Parent Centers

2002 ◽  
Vol 24 (4) ◽  
pp. 267-303 ◽  
Author(s):  
Arthur J. Reynolds ◽  
Judy A. Temple ◽  
Dylan L. Robertson ◽  
Emily A. Mann
Keyword(s):  
Title I ◽  
Remedial Education ◽  
Program Effectiveness ◽  
Cost Benefit Analysis ◽  
Cost Benefit ◽  
Well Being ◽  
Economic Benefits ◽  
School Age ◽  
Program Participation ◽  
Benefit Analysis

We conducted the first cost-benefit analysis of a federally financed, comprehensive early childhood program. The Title I Chicago Child-Parent Centers are located in public schools and provide educational and family support services to low-income children from ages 3 to 9. Using data from a cohort of 1,539 program and comparison-group children born in 1980 who participate in the Chicago Longitudinal Study, measures of program participation were significantly associated with greater school achievement, higher rates of high school completion, and with significantly lower rates of remedial education services, juvenile delinquency, and child maltreatment. Economic analyses indicated that the measured and projected economic benefits of preschool participation, school-age participation, and extended program participation exceeded costs. In present-value 1998 dollars, the preschool program provided a return to society of $7.14 per dollar invested by increasing economic well-being and tax revenues, and by reducing public expenditures for remedial education, criminal justice treatment, and crime victims. The extended intervention program (4 to 6 years of participation) provided a return to society of $6.11 per dollar invested while the school-age program yielded a return of $1.66 per dollar invested. Findings demonstrate that an established public program can provide benefits that far exceed costs. Key elements of CPC program effectiveness include an instructional focus on literacy, opportunities for intensive parent involvement, and implementation by well-trained staff within a single administrative system.

scholarly journals Application and importance of cost-benefit analysis in energy efficiency projects implemented in public buildings: The case of Serbia

2012 ◽  
Vol 16 (3) ◽  
pp. 915-929 ◽  
Author(s):  
Marko Mihic ◽  
Dejan Petrovic ◽  
Aleksandar Vuckovic ◽  
Vladimir Obradovic ◽  
Dejan Djurovic
Keyword(s):  
Energy Efficiency ◽  
Cost Benefit Analysis ◽  
Cost Benefit ◽  
Economic Benefits ◽  
Financial Resources ◽  
Benefit Analysis ◽  
Public Buildings ◽  
Practical Test ◽  
Effectiveness And Efficiency

The main objective of this paper is to present the advantages of using Cost-Benefit analysis in energy efficiency projects implemented in public buildings, and to prove the hypothesis that Cost-Benefit analysis boosts the effectiveness and efficiency of the said type of projects. The paper offers theoretical and practical explanation of the implementation of Cost-Benefit analysis in the relevant area. Since energy efficiency projects in public buildings usually represent a part of a broader portfolio of similar projects and their implementation demands allocation of substantial financial resources, communities are often be interested in achieving maximal economic and non-economic benefits. This paper aims to demonstrate that Cost-Benefit analysis can represent an excellent contribution when attempting to select the projects for implementation within a broader portfolio of energy efficiency projects in public buildings. This hypothesis was demonstrated by putting a greater emphasis on non-economic benefits and the costs arising from implementation of the aforementioned types of projects. In addition, a practical test of this hypothesis was performed through the implementation of an energy efficiency portfolio in public buildings, worth several tens of millions of dollars - the Serbian Energy Efficiency Project. The paper concludes that the use of Cost-Benefit analysis can help us to effectively evaluate and manage projects of this type aimed at achieving maximum benefits for the community in question.

scholarly journals Can we improve academic performance and student satisfaction without additional time cost for teachers? Evidence from a blended methodology in Microeconomics

2019 ◽  
Vol 6 (2) ◽  
pp. 54
Author(s):  
Anett Erdmann ◽  
Alfonso Jesús Torres Marín
Keyword(s):  
Student Satisfaction ◽  
Cost Benefit Analysis ◽  
Cost Benefit ◽  
Economic Benefits ◽  
Study Time ◽  
Time Cost ◽  
Benefit Analysis ◽  
Additional Time ◽  
Learning Platform ◽  
The Impact

<p><strong>Purpose</strong>: The main goal of this paper is to determine if the use of a blended methodology can improve performance and satisfaction of the students, with no additional time cost for teachers. As a second objective, the article attempts to explain observed differences across students in the effect of the methodology on study time based on the theory of optimal decision making. Finally, we sketch a simple cost benefit analysis for the digital learning platform (DLP) used.</p><p><strong>Design</strong>: The teachers combined the traditional classes methodology with the adoption of a DLP in two courses of Microeconomics at an undergraduate level at ESIC Business &amp; Marketing School. Subsequently it is analyzed the impact of this methodology on student satisfaction and performance, as well as on student’s study time using different analytical tools.</p><p><strong>Findings:</strong>  students’ grades, at the final exam, increased in a significative way as they spent more time with the DLP and/or when they do more digital assignments at home. Their satisfaction with the blended methodology, and the use of the DLP was quite high for most of students. Their feedback on working time relative to traditional methods showed two extremes, either studying much more or much less. We provide a theoretical explanation for this observation, based on Microeconomic theory.  A cost-benefit analysis of the DLP tool at an institutional level suggests that its economic costs are more than justified by the economic benefits of the tool in terms of student’s satisfaction, brand reputation and teachers time saving.</p><p><strong>Contribution:</strong> This document provides a methodology to measure the benefits of an innovative learning methodology using relevant indicators and employing advanced statistical techniques as regression analysis. It also helps us to understand student’s behavior in the face of an educational innovation based on technology. The findings are in line with economic theory.</p>

scholarly journals Application of Economic Indicators to Asses the Bridges of Rehablitation

2015 ◽  
Vol 11 (1) ◽  
pp. 69-75
Author(s):  
Martin Pitoňák ◽  
Milan Valuch
Keyword(s):  
Economic Analysis ◽  
Regional Development ◽  
Economic Efficiency ◽  
Current Practice ◽  
Cost Benefit Analysis ◽  
Cost Benefit ◽  
Economic Indicators ◽  
Concrete Bridge ◽  
Benefit Analysis ◽  
Technology Project

Abstract The aim of this paper is to point out the advantage of Cost Benefit Analysis (CBA) and its economic indicators to assess a rehabilitation of bridges. The paper includes short example of assessment of the project economic efficiency in which economic indicators are applied in order to evaluate of two technology project variants of bridge object rehabilitation. It quantifies and compares the economic results of alternative 1 with the monolithic prestress construction and alternative 2, with the composite steel - concrete bridge. The contribution reflects the current practice of economic analysis recommended by the Ministry of Transport, Construction and Regional Development.

scholarly journals Economic analysis of ecosystem based adaptation and engineering options: A case study from Udayapur, Nepal

2015 ◽  
Vol 3 ◽  
pp. 35-42
Author(s):  
Dinesh Chandra Devkota ◽  
Kamal Thapa ◽  
Bhaskar Kharki
Keyword(s):  
Climate Change ◽  
Ecosystem Services ◽  
Economic Analysis ◽  
Cost Benefit Analysis ◽  
Cost Benefit ◽  
Well Being ◽  
Benefit Analysis ◽  
High Benefit ◽  
Adaptation Options

Ecosystem services are vital to our well-being as they directly or indirectly support our survival and quality of life. But, the growing impact of climate change diminishes the benefit from ecosystem services. Therefore, identifying possible applicable adaptation options are inevitable to reduce the effect of climate change. The present research is based on a case study of Ksedi River watershed, Ajgada Village in Udaypur district of Nepal. The study demonstrates the comparison between different options to deal with flood and make a sound decision, based on economic rationale for long-term benefits. The present study compares ecosystem based adaptation options with engineering options using cost benefit analysis in order to protect village from flooding. Through stakeholder and expert consultations, ecosystem based adaptation options and economic options that are feasible in the village and catchment to mitigate the floods were listed. Economic analysis of these options and the different combinations were done using cost benefit analysis. Analysis was carried out for each of the different combination of options. Focus on ecosystem based adaptation options provide high benefit to cost return in terms of avoided damages and considering engineering options efficient in flood and erosion control in initial stage in spite of its high cost. The study suggests that reforestation in upland forest areas; plantation along riverbed and management of rangeland should be prioritized. Similarly, preparation of flood model, flood height damage curve and flood vulnerable maps specific to the site will help decision makers to implement site specific adaptation options.

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