Question

Write a note on Social Cost -Benefit Analysis

04 Jun 2017
Answer :
Word Count : 678

A social cost benefit analysis is a systematic and cohesive method to survey all the impacts caused by an (urban) development project or other policy measure. It comprises not just the financial effects (investment costs, direct benefits like profits, taxes and fees, et cetera), but all the societal effects, like: pollution, environment, safety, travel times, spatial quality, health, indirect (i.e. labour or real estate) market impacts, legal aspects, et cetera. The main aim of a social cost benefit analysis is to attach a price to as many effects as possible in order to uniformly weigh the above-mentioned heterogeneous effects. As a result, these prices reflect the value a society attaches to the caused effects, enabling the decision maker to form an opinion about the net social welfare effects of a project.

Compare different project alternatives

A major advantage of a social cost benefit analysis is that it enables investors (mostly public parties) to systematically and cohesively compare different project alternatives. Hence, these alternatives will not just be compared intrinsically, but will also be set against the “null alternative hypothesis”. This hypothesis describes “the most likely” scenario development in case a project will not be executed. Put differently,

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