Benefit–cost analysis informs which policies or programs most benefit society when implemented by governments and institutions around the world. This volume brings together leading researchers and practitioners to recommend strategies and standards to improve the consistency and...

This paper shows that, in an economy with an exogenous rate of return and a given capital income tax distortion, and with lump sum taxes as the marginal tax instrument, the SOC and MCF criteria both correctly identify all worthwhile projects if the criteria are properly applied. The equivalence...

This paper highlights the role of export demand conditions in determining the real cost of external funding for a country that has unrestricted access to fu nding from the international capital market at a predetermined real i nterest rate. If such a country enters into a free trade arrangement...