Document Type
Article
Publication Title
Journal of Benefit-Cost Analysis
Publication Date
1-2015
ISSN
2152-2812
Page Number
1
Keywords
safety, risk, principles, standards, welfare
Disciplines
Behavioral Economics | Health Economics | Law | Public Interest
Abstract
Benefit-cost analysis (BCA) is frequently applied to decisions involving public safety which requires analyzing risk and assessing options to manage risks. Principles and standards may assist analysts, decision-makers, and the public in developing and interpreting such BCAs. Principles and standards at best represent commonly held views among a community of practice. Such views are continually evolving with advances in the field. This paper presents a modularized format towards principles and standards that may assist in focusing discussion and decisions about whether such proposals actually reflect principles and standards within the benefit-cost analysis community of practice. Among topics covered are welfare measures, benefit or cost transfer, and valuing uncertain outcomes.
Recommended Citation
W. Kip Viscusi and Scott Farrow,
Towards Principles and Standards for the Benefit-Cost Analysis of Safety, 2 Journal of Benefit-Cost Analysis. 1
(2015)
Available at: https://scholarship.law.vanderbilt.edu/faculty-publications/1571