To date, the distinction between money income and utility income has been recognized only in an efficiency context. This article argues that it is also srgnificant in an income redistribution context and can be used to identify the form which such redistribution is to take, cash or kind. To...

It is now almost accepted practice that distributional weights be incorporated into cost-benefit criteria. While there are still major dissenters on this issue, notably Harberger, the relevant questions now involve the nature of the weights themselves. A number of alternative formulations have...

A neglected area of cost-benefit theory is the evaluation of federal government loans Abstract to finance private investment. This article builds on a model by Feldstein (1973) which disaggregated public investment decisions into two parts; one is the expenditure on the good to be purchased by...

If cost-effectiveness and cost-benefit analyses are to produce identical rankings of programs, there is a simple equivalence between the criteria that enables one to derive a value for the effect that is being maximized. The value depends on knowing two magnitudes: (1) the cutoff...