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Every entity, whether public or private, is confronted with the economic problem: it wishes to accomplish more objectives than its resources will permit. This problem requires that two fundamental economic questions be answered: (1) what objectives should be pursued, and (2) how should these objectives be accomplished. In general, the answer to the first question is that an objective should be undertaken only when the value to be derived from undertaking it equals or exceeds what must be foregone to achieve it--its cost. The general answer to the second question is that each objective undertaken should be accomplished for the least amount of resources possible--or for the lowest cost. Economic analysis provides a systematic approach to answering the economic questions. This Handbook presents methodology for applying economic analysis to problems commonly encountered by the Federal Aviation Administration. Techniques are developed for measuring such benefits as improved safety, delay reductions, cost savings as well as others. Cost estimation methodology is also presented. (Author).
"Policy-makers often call for expanding public spending on infrastructure, which includes a broad range of investments from roads and bridges to digital networks that will expand access to high-speed broadband. Some point to near-term macro-economic benefits and job creation, others focus on long-term effects on productivity and economic growth. This volume explores the links between infrastructure spending and economic outcomes, as well as key economic issues in the funding and management of infrastructure projects. It draws together research studies that describe the short-run stimulus effects of infrastructure spending, develop new estimates of the stock of U.S. infrastructure capital, and explore the incentive aspects of public-private partnerships (PPPs). A salient issue is the treatment of risk in evaluating publicly-funded infrastructure projects and in connection with PPPs. The goal of the volume is to provide a reference for researchers seeking to expand research on infrastructure issues, and for policy-makers tasked with determining the appropriate level of infrastructure spending"--
This primer highlights both the strengths and the limitations of benefit-cost analysis in the development, design, and implementation of regulatory reform.
In response to the increasing impact of regulation, several governments have introduced economic analysis as a way of trying to improve regulatory policy. This paper provides a comprehensive assessment of government-supported economic analysis of regulation. We find that there is growing interest in the use of economic tools, such as benefit-cost analysis; however, the quality of analysis in the U.S. and European Union frequently fails to meet widely accepted guidelines. Furthermore, the relationship between analysis and policy decisions is tenuous. To address this situation, we recommend pursuing an agenda that allows economics to play a more central role in regulatory decision making. In addition, we suggest that prediction markets could help improve regulatory policy and improve measurement of the impact of regulation.