Benefit-cost and cost-effectiveness analysis are often advocated fordecision making about environmental, health, and safety regulations, butthere has been little research evaluating the accuracy of prospectiveestimates of regulatory costs and benefits. Prospective estimates of themarginal cost...

The income elasticity of the value per statistical life (VSL) is an important parameter for policy analysis. Mortality risk reductions often dominate the quantified benefits of environmental and other policies, and estimates of their value are frequently transferred across countries with...

As traditionally conducted, benefit-cost analysis is rooted in neoclassical welfare economics, which, in its most simplified form, assumes that individuals act rationally and are primarily motivated by self-interest, making decisions that maximize their welfare. Its conduct is evolving to...