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Foundations of Cost-Benefit Analysis in Welfare Economics

This introductory chapter covers the objectives, course materials, aids, and grading system for the Applied Welfare Economics and Cost Benefit Analysis course. Students will enhance their knowledge of Welfare Economics, basic cost-benefit analysis skills, and public policy evaluation. The chapter emphasizes understanding market failure, interpreting empirical data, and critical assessment of policy implications.

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Foundations of Cost-Benefit Analysis in Welfare Economics

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  1. Applied Welfare Econ & Cost Benefit Analysis Chapter 0 Organization session

  2. INTRODUCTION • The prof • The students • The material • The textbooks • The aids • The way to do it right! • The grading

  3. The students • Names? • Why are you here? • What are you going to do next? • When did you take Microeconomics last?

  4. The objectives • Cost Benefit Analysis • Improving your knowledge about Welfare Economics and the ethical and normative foundations of Economics • To equip you with the skills needed to interpret and advise on basic cost-benefit analysis • To improve your capacity to critically assess instances of public policy

  5. The objectives • understand the principles behind the theory of market failure and its regulation • interpret basic empirical examples of cost-benefit analysis and communicate the results of the to stakeholders • critically assess the advantages and limitations of using cost-benefit analysis to inform public policy • determine when a cost benefit analysis may be performed in a meaningful way • perform basic project analyses • identify limitations in modeling assumptions, data, or political concerns that may compromise the validity of a cost-benefit analysis study

  6. The textbooks • Boardman, Anthony E., David H. Greenberg, Aidan R. Vining, and David L. Weimer. Cost-Benefit Analysis: Concepts and Practice. 3rd ed., (Upper Saddle River, NJ: Pearson Prentice Hall, 2006)

  7. The textbooks • We will use other books from time to time and suggest additional readings

  8. The aids • course outline and online course schedule on website • PowerPoint presentations and or class notes online • Home assignments

  9. The aids • Check your e-mails and website frequently • We will be working little by little but continuously • There will be frequent assignments

  10. The way to get it right • Reading the chapters before coming to class • Taking useful notes in class or annotating over the printouts from my website • Going back to the book and the readings after the class • Coming to see me to solve doubts • Doing the home assignments

  11. The way to get it right • There is no way to pass this on swoting • Trying to catch up on the last two weeks is not going to work • The way to understanding the material is by doing the reading as we learn it • Ask me if you need help!

  12. The grading system • 2 quizzes 25% (Your worst quiz will be 10% and the best quiz will be 15%) • Home assignments 15% • Essay 15% • Final exam 45% If you miss a quiz, the weight will be reallocated towards the final exam. Late submissions of assignments will be penalized at the rate of 10% per day up to the day when the solutions are posted.

  13. Questions? • Any questions? • Any suggestions? • Any complaints?

  14. NEXT • Introduction to CBA and Welfare Economics • Get the book and read the first chapter

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