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Extra info for Benefit-Cost Analysis: Financial and Economic Appraisal using Spreadsheets
The present value of the coal, using the 34 Benefit-Cost Analysis real rate of interest, r, is given by P0 Qt/(1+r)t. At the inflated price of coal its value at time t is given by P0(1+i)t Qt where i is the annual inflation rate. The present value, at the money rate of interest, m, is given by P0Qt (1+i)t/(1+m)t, or P0Qt [(1+i)/(1+m)]t. Since (1+i)/(1+m) is approximately equal to 1/(1+m–i), where m–i = r is the real rate of interest, the two procedures give essentially the same result. Are there any circumstances in which one approach is preferred to the other?
The social benefit-cost analysis should identify sub-groups among the referent group who are significantly affected by the project – for example, a proposed new airport will benefit air travellers but will inflict costs on residents in the vicinity of the proposed site. The analyst needs to identify the nature of these effects – reduced travel time for passengers, and increased noise for residents – to measure them in physical units – hours saved, additional decibels endured – and to quantify them in dollar terms as far as possible.
An advanced text with a focus on practical issues is R. E. Just, D. L. Hueth and A. Schmitz, Applied Welfare Economics and Public Policy (Prentice Hall, 1982). See also A. E. Boardman, D. H. Greenberg, A. R. Vining, and D. L. Weimer, Cost-Benefit Analysis: Concepts and Practice (Prentice Hall, 2001) Chs. 1 and 2. Exercises 1. The Casino has given you $100 worth of complimentary chips which must be wagered this evening. There are two tables – roulette and blackjack. The expected value of $100 bet on roulette is $83, and the expected value of $100 bet on blackjack is $86.