Students are introduced to the principles and practice of cost-benefit analysis and how it is applied to evaluating public policies and specific projects. Topics include the conceptual and economic foundations of cost-benefit analysis; valuing benefits and costs in primary and secondary markets; discounting benefits and costs; evaluation criteria; incorporating uncertainty and risk; the role of option price and value; existence value of projects; social discount rate; and predicting and monetizing impacts. Applications relate to such areas as human resource, natural resource, recreation economics plus economic development and urban planning. Prerequisite: Admission to the MEEM or MScEEM or approval of degree committee. Note: Students cannot receive credit for both ECON 6030 and ESMN 6030.
Students are introduced to the principles and practice of cost-benefit analysis and how it is applied to evaluating public policies and specific projects. Topics include the conceptual and economic foundations of cost-benefit analysis; valuing benefits and costs in primary and secondary markets; discounting benefits and costs; evaluation criteria; incorporating uncertainty and risk; the role of option price and value; existence value of projects; social discount rate; and predicting and monetizing impacts. Applications relate to such areas as human resource, natural resource, recreation economics plus economic development and urban planning. Prerequisite: Admission to the MEEM or MScEEM or approval of degree committee. Note: Students cannot receive credit for both ECON 6030 and ESMN 6030.
