The application of cost/benefit analysis in the development of voluntary standards.

The purpose of this study is to investigate the role and significance of standards to industry and society from an economic perspective. The decisionmaking processes of voluntary standards organizations, such as the American National Standards Institute are examined within a framework of applied economic cost/benefit analysis. The findings of the study emphasize the need for non-engineering evaluation of standards and standardizing activities within single firms, industrywide organizations, or government.