The Shadow Wage Rate (SWR), like any shadow price, is a function of the social objectives set for the particular country. Brent [1984 and 1986] has argued that one should consider the number of uncompensated losers from a public investment as a third social objective (together with the usual...

Time acts as the numeraire in life safety activities via it being a fixed endowment that is received by everyone in a generation in (roughly) equal amounts. A decision that requires using up time in a current preventative activity can only be justified if it provides more future time, in terms...