AREC 514 Rice Project Lectures Readings Handouts Homework	Course Syllabus Cost-Benefit Analysis AREC 514 Spring 2009 I. Costs and Benefits January 15 A. Introduction to Project Evaluation Boardman, Anthony, et al., Cost-Benefit Analysis, 2nd Edition, Chs. 1-2. *Jenkins, Glenn, "Project Analysis and the World Bank" American Economic Review, 87 (1997): 38-42. January 20 B. Measurement of Costs and Benefits Boardman, Anthony, et al., Cost-Benefit Analysis, 2nd Edition, Chs. 3-4. January 22, 27                                C. Time and the Discount Rate Boardman, Anthony, et al., Cost-Benefit Analysis, 2nd Edition, Ch. 6. Zerbe & Dively, Ch. 4 II. Analytical Foundations January 29, February 3, 5 A. Consumer and Producer Surplus Boardman, Anthony, et al., Cost-Benefit Analysis, 2nd Edition, App. 3A. Zerbe & Dively, Ch. 5 *Just, Richard, Hueth, and Schmitz Chs. 4-6, in Applied Welfare Analysis and PublicPolicy (Englewood Cliffs: Prentice-Hall), pp. 48-115. *Boadway, Robin, and Neil Bruce, Ch. 2, "The Welfare of the Household," pp. 31-43, and Ch. 7, "The Measurement of Welfare Change for an Individual," pp. 195-223.in Welfare Economics, Basil-Blackwell, 1984. *Slesnick, Daniel, "Empirical Approaches to the Measurement of Welfare," Journal of Economic Literature, 36 (1998): 2108-2165. February 10, 12, 17  B. Private and Social Evaluation Boardman, Anthony, et al., Cost-Benefit Analysis, 2nd Edition, Chs. 4-5. Zerbe & Dively, Ch. 7. *Boadway and Bruce, Ch. 3 pp. 61- 81, Chs. 4, 5. Ch. 9, pp. 262-291, Ch. 10, "Cost-Benefit Analysis," pp. 292-314. *Thurman, Walter, "Applied General Equilibrium Welfare Analysis," American Journal of Agricultural Economics, 73 (1991): 1508-1519. III. Empirical Issues and Problems February 26,  28 A. Estimation of the Discount Rate Boardman, Anthony, et al., Cost-Benefit Analysis, 2nd Edition, Ch. 6. Zerbe & Dively, Ch. 9. *Schulze, Charles L., "Is There a Bias toward Excess in US Government Budgets or Deficits?" Journal of Economic Perspectives, 6 (1992): 25-43. *Weitzman, Martin, "Gamma Discounting," American Economic Review, 91 (2001): 260-271. February 26                                        IN-CLASS EXAM March 3 B. The Social Discount Rate Boardman, Anthony, et al., Cost-Benefit Analysis, 2nd Edition, Ch. 10. Zerbe & Dively, Ch. 13 *Gramlich, Edward G., "Infrastructure Investment: A Review Article," Journal of Economic Literature, 32 (1994): 1176-1196. *Winston, Clifford, "Efficient Transportation Infrastructure Policy," Journal of Economic Perspectives, 5 (1991): 113-127. *Kocherlakota, Narayana, "The Equity Premium: It's Still a Puzzle," Journal of Economic Literature, 34 (1996): 42-71. March 5, 10 C. Risk Boardman, Anthony, et al., Cost-Benefit Analysis, 2nd Edition, Ch. 7. Zerbe & Dively, Ch. 16. *Freeman, A. Myrick, "Ex Ante and Ex Post Values for Changes in Risks," Risk Analysis, 9 (1989):309-317. *Arrow, Kenneth, "Risk Aversion," Ch. 3 in Essays in the Economics of Risk. March 12, 24 D. Uncertainty Boardman, Anthony, et al., Cost-Benefit Analysis, 2nd Edition, Ch. 8. Zerbe & Dively, Ch. 17. *Hubbard, R.Glenn, "Investment under Uncertainty," Journal of Economic Literature, 32 (1994): 1816-1831. March 26, 31 E. Income Distribution and Non-efficiency Objectives Boardman, Anthony, et al., Cost-Benefit Analysis, 2nd Edition, Ch. 18. Zerbe & Dively, Chs. 6,11,12. April 2                                    IN-CLASS EXAM April 7 F. Non-market Goods Boardman, Anthony, et al., Cost-Benefit Analysis, 2nd Edition, Chs. 9. Zerbe & Dively, Ch. 18. *Dobbs, Ian, "Individual Travel Cost Method," American Journal of Agricultural Economics, 75 (1993): 84-94. *Larson, Douglas et.al., "Evidence on Existence Value for Resource Policy," American Journal of Agricultural Economics, 74 (1992): 1114-1137. *Irwin, Elena, and N. Bockstael, "The Problem of Identifying Land Use Spillovers," American Journal of Agricultural Economics, 83 (2001): 698-704. April 9, 14 H. Empirical and Measurement Issues Boardman, Anthony, et al., Cost-Benefit Analysis, 2nd Edition, Chs. 11, 13, 15, 17. April 16 G. Contingent Valuation Boardman, Anthony, et al., Cost-Benefit Analysis, 2nd Edition, Ch. 14. *Portney, Hanemann, Diamond, and Hausman, "Symposia on Contingent Valuation," Journal of Economic Perspectives, 8 (1994): 3-64. *McFadden, Daniel, "Contingent Valuation and Social Choice," American Journal of Agricultural Economics, 76 (1994): 689-708. * Shogren, James F. et al., "Resolving Differences in Willingness to Pay and Willingness to Accept," American Economic Review, 84 (1994): 255-270. *Morrison, Gwendolyn (and Shogren), "Comment and Reply," American Economic Review, 87 (1997): 236-241. *Yen, Steven, et al., "An Economic Analysis of Donations for Environmental Conservation in Canada," Agricultural and Resource Economics, 22 (1997): 246-263. *Loomis and Ekstrand, "Economic Benefits of Critical Habitat for the Mexican Spotted Owl," Agricultural and Resource Economics, 22 (1997): 246-263. April 21, 23 H. Measuring the Impacts of Economic Growth and Development policies Boardman, Anthony, et al., Cost-Benefit Analysis, 2nd Edition, Ch. 16. Other readings to be announced April 28, 30 I. Measuring Health Impacts Boardman, Anthony, et al., Cost-Benefit Analysis, 2nd Edition, Ch. 15. Zerbe & Dively, Ch. 19. *Viscusi, W.Kip, "The Value of Risks to Life and Health," Journal of Economic Literature, 31 (1993): 1912-1946.             IV. Theoretical Importance and Empirical Limitations of CBA May 5 Boardman, Anthony, et al., Cost-Benefit Analysis, 2nd Edition, Ch.19 *Boadway and Bruce, Ch.9, Measuring Welfare Changes in a Many Consumer Economy, pp. 262-291 May 14, 11:00 AM –1 PM                              Final Exam
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