TEACHING INTRODUCTORY ECONOMICS: APPLICATION OF THE COST - BENEFIT PRINCIPLE TO THE OPTIMAL ALLOCATION OF RESOURCES

Author(s):  
Sergei Peregonchuk
Biometrika ◽  
2021 ◽  
Author(s):  
Lorenzo Masoero ◽  
Federico Camerlenghi ◽  
Stefano Favaro ◽  
Tamara Broderick

Abstract While the cost of sequencing genomes has decreased dramatically in recent years, this expense often remains non-trivial. Under a fixed budget, scientists face a natural trade-off between quantity and quality: spending resources to sequence a greater number of genomes or spending resources to sequence genomes with increased accuracy. Our goal is to find the optimal allocation of resources between quantity and quality. Optimizing resource allocation promises to reveal as many new variations in the genome as possible. In this paper, we introduce a Bayesian nonparametric methodology to predict the number of new variants in a follow-up study based on a pilot study. When experimental conditions are kept constant between the pilot and follow-up, we find that our prediction is competitive with the best existing methods. Unlike current methods, though, our new method allows practitioners to change experimental conditions between the pilot and the follow-up. We demonstrate how this distinction allows our method to be used for more realistic predictions and for optimal allocation of a fixed budget between quality and quantity.


Author(s):  
Martin Peterson

The focus of this chapter is on the application of the Cost-Benefit Principle to technological issues. Cost-benefit analysis is not a single, well-defined methodology but rather a set of slightly different, formalized techniques for weighing costs against benefits in a systematic manner. Four criteria for mainstream cost-benefit analysis are stated, and a paradigm case to which all those techniques are applicable is identified. How the Cost-Benefit Principle can take rights and other deontological constraints into account in a systematic manner is also explained. The conclusion is that the Cost-Benefit Principle can be accepted by consequentialists as well as many nonconsequentialists.


2020 ◽  
Vol 28 (04) ◽  
pp. 945-976
Author(s):  
JASON BINTZ ◽  
SUZANNE LENHART

The spatial distribution of resources for diffusive populations can have a strong effect on population abundance. We investigate the optimal allocation of resources for a diffusive population. Population dynamics are represented by a parabolic partial differential equation with density-dependent growth and resources are represented through their space- and time-varying influence on the growth function. We consider both local and integral constraints on resource allocation. The goal is to maximize the abundance of the population while minimizing the cost of resource allocation. After characterizing the optimal control in terms of the population solution and the adjoint functions, we illustrate several scenarios numerically. The effects of initial and boundary conditions are important for the optimal allocation of resources.


2007 ◽  
pp. 70-84 ◽  
Author(s):  
E. Demidova

This article analyzes definitions and the role of hostile takeovers at the Russian and European markets for corporate control. It develops the methodology of assessing the efficiency of anti-takeover defenses adapted to the conditions of the Russian market. The paper uses the cost-benefit analysis, where the costs and benefits of the pre-bid and post-bid defenses are compared.


2019 ◽  
Author(s):  
Milind Watve

Peer reviewed scientific publishing is critical for communicating important findings, interpretations and theories in any branch of science. While the value of peer review is rarely doubted, much concern is being raised about the possible biases in the process. I argue here that most of the biases originate in the evolved innate tendency of every player to optimize one’s own cost benefits. Different players in the scientific publishing game have different cost-benefit optima. There are multiple conflicts between individual optima and collective goals. An analysis of the cost-benefit optima of every player in the scientific publishing game shows how and why biases originate. In the current system of publishing, by optimization considerations, the probability of publishing a ‘bad’ manuscript is relatively small but the probability of rejecting a ‘good’ manuscript is very high. By continuing with the current publishing structure, the global distribution of the scientific community would be increasingly clustered. Publication biases by gender, ethnicity, reputation, conformation and conformity will be increasingly common and revolutionary concepts increasingly difficult to publish. Ultimately, I explore the possibility of designing a peer review publishing system in which the conflicts between individual optimization and collective goal can be minimized. In such a system, if everyone behaves with maximum selfishness, biases would be minimized and the progress towards the collective goal would be faster and smoother. Changing towards such a system might prove difficult unless a critical mass of authors take an active role to revolutionize scientific publishing.


1999 ◽  
Vol 40 (10) ◽  
pp. 153-159 ◽  
Author(s):  
D. H. Newsome ◽  
C. D. Stephen

Many countries are investing in measures to improve surface water quality, but the investment programmes for so doing are increasingly becoming subject to cost-benefit analysis. Whilst the cost of control measures can usually be determined for individual improvement schemes, there are currently no established procedures for valuing the benefits attributable to improved surface water quality. The paper describes a methodology that has been derived that now makes this possible.


Sign in / Sign up

Export Citation Format

Share Document