Cost-Benefit Analysis for Public Sector Decision Makers [Hardcover]

Diana Fuguitt (Author), Shanton J. Wilcox (Author)

Book Description

Publication Date: October 30, 1999 | ISBN-10: 1567202225 | ISBN-13: 978-1567202229

Fuguitt and Wilcox skillfully guide analysts, public sector managers, and students of decision-making through a full range of the essential steps to perform, interpret, and assess cost-benefit analysis. Their book shows how to grasp the principles of cost-benefit analysis and several related economic valuation methods, how to apply them in undertaking an objective analysis, and how to use the analysis as a decision-making tool across a wide range of fields and applications. An extensive knowledge of economic theory, calculus or advanced graphical analysis is not needed to understand the principles or techniques. Accessible to those who understand basic algebra and have a beginner's hold on statistics, the book also provides a bridge to the more advanced literature in economics and to other analyses used to perform sophisticated valuations. A unique, much-needed presentation of all that is required to gain an immediate, useful understanding of the topic. The authors explain basic economic concepts and show how they are relevant to understanding an analytical approach. They enumerate principles and detail such technical components as "with and without" analysis, discounting, decision criteria and uncertainty assessment. The book provides especially extensive coverage of the contingent valuation method along with market valuation, the travel cost and property value methods, human life valuation, and cost-effectiveness analysis. They explain empirical methods used to perform these valuation techniques and cover survey and regression analysis as well. Most importantly, Fuguitt and Wilcox treat the topic within its real-world context--as a decision-making tool to assess a particular policy's efficiency and to provide the decision maker with necessary information. Trade-offs between efficiency and other policy objectives are also addressed, as is the interdisciplinary setting within which cost-benefit analysis is interpreted, enabling readers to understand that policy advocates and adversaries bring their own values and competing interests to bear on any decision-making process.

Editorial Reviews

About the Author

DIANA FUGUITT is Professor of Economics and a Coordinator of an interdisciplinary Environmental Studies major at Eckerd College, St. Petersburg, Florida.

SHANTON J. WILCOX is a Senior Consultant for a top management consulting firm.

Product Details

• Hardcover: 342 pages
• Publisher: Quorum Books (October 30, 1999)
• Language: English
• ISBN-10: 1567202225
• ISBN-13: 978-1567202229
• Product Dimensions: 9.1 x 6 x 1.3 inches
• Shipping Weight: 1.4 pounds (View shipping rates and policies)
• Average Customer Review: 4.5 out of 5 stars  See all reviews (2 customer reviews)
• Amazon Best Sellers Rank: #1,149,567 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

2 of 2 people found the following review helpful:

4.0 out of 5 stars concise yet comprehensive, but overpriced, June 1, 2011

By 

matt - See all my reviews

This review is from: Cost-Benefit Analysis for Public Sector Decision Makers (Hardcover)

The strength of this book is that it covers both theory and methods. Other books (Campbell and Brown, 2003; Mishan and Quah, 2007; Nas, 1996) cover theory, but don't really cover empirical methods. The most comprehensive book that does cover both theory and methods is Boardman et al. (2005), however it borders on encyclopedic at times, and is tedious for students (and sometimes for the instructor). Therefore, this book is in many ways the most appropriate for an undergraduate cost-benefit analysis course, in that it gives a comprehensive treatment of the subject that is digestible.

The weakness of this book is that it doesn't provide enough real world examples of CBA. This is not an insurmountable problem, as one can consult Boardman et al., or the instructor can provide supplemental readings. However the main problem I have with the book is the price. In some ways, the book isn't much more than refined lecture notes, and there is absolutely nothing fancy about the book--the pages are black and white, and the typesetting is somewhat generic.

However, as there isn't really anything else on the market that is both comprehensive and digestible to undergraduates, it may just be worth it.

2 of 2 people found the following review helpful:

5.0 out of 5 stars Excellent book, December 18, 2007

By 

A. Gautam - See all my reviews
(REAL NAME)   

This review is from: Cost-Benefit Analysis for Public Sector Decision Makers (Hardcover)

very good coverage of cost-benefit and cost-effectiveness analysis. step-by-step process and just a wealth of information. good buy.