Environmental Benefit-Cost Analysis: A Comparative Analysis Between the United States and the United Kingdom

2021 ◽  
Author(s):  
Joseph E. Aldy ◽  
Giles Atkinson ◽  
Matthew Kotchen
Keyword(s):  
United States ◽  
United Kingdom ◽  
Comparative Analysis ◽  
Cost Analysis ◽  
The United States ◽  
Environmental Benefit ◽  
Benefit Cost Analysis ◽  
The United Kingdom ◽  
Benefit Cost

Environmental Benefit-Cost Analysis: A Comparative Analysis Between the United States and the United Kingdom

2021 ◽  
Vol 13 (1) ◽  
Author(s):  
Joseph E. Aldy ◽  
Giles Atkinson ◽  
Matthew J. Kotchen
Keyword(s):  
United States ◽  
United Kingdom ◽  
Cost Analysis ◽  
Resource Economics ◽  
The United States ◽  
Annual Review ◽  
Publication Date ◽  
Environmental Benefit ◽  
Benefit Cost Analysis ◽  
Benefit Cost

The United States and United Kingdom have long-standing traditions in the use of environmental benefit-cost analysis (E-BCA). While there are similarities between how E-BCA is utilized, there are significant differences too, many of which mirror ongoing debates and recent developments in the literature on environmental and natural resource economics. We review the use of E-BCA in both countries across three themes: ( a) the role of long-term discounting, ( b) the estimation and use of carbon valuation, and ( c) the estimation and use of the value of a statistical life. In each case, we discuss how academic developments are (and are not) translated into practical use and draw comparative lessons. We find that, in some cases, practical differences in E-BCA can be overstated, although in others these seem more substantive. Advances in the academic frontier also raise the question of when and how to update practical E-BCA, with very different answers across our themes. Expected final online publication date for the Annual Review of Resource Economics, Volume 13 is October 2021. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

Sign in / Sign up

Export Citation Format

Share Document