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2008•RAND Corporation eBooksOpen access

Valuing Benefits in Benefit-Cost Studies of Social Programs

Lynn A. Karoly

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Abstract

Assesses the state of the art of measurement and use of estimated economic value — “shadow prices” — in benefit-cost analysis (BCA) of social programs. Many benefits from social programs are not monetized, nor do shadow prices capture the full range of benefits or costs. Use of shadow prices is not consistent, and uncertainty about costs and benefits must be recognized. Future methodological work should advance the use of BCA for social programs.

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Assesses the state of the art of measurement and use of estimated economic value — “shadow prices” — in benefit-cost analysis (BCA) of social programs. Many benefits from social programs are not monetized, nor do shadow prices capture the full range of benefits or costs. Use of shadow prices is not consistent, and uncertainty about costs and benefits must be recognized. Future methodological work should advance the use of BCA for social programs.

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Available abstract

Assesses the state of the art of measurement and use of estimated economic value — “shadow prices” — in benefit-cost analysis (BCA) of social programs. Many benefits from social programs are not monetized, nor do shadow prices capture the full range of benefits or costs. Use of shadow prices is not consistent, and uncertainty about costs and benefits must be recognized. Future methodological work should advance the use of BCA for social programs.

Key concepts: Shadow price, Shadow (psychology), Social benefits, Social cost, Cost–benefit analysis, Value (mathematics), Cost benefit, Work (physics)

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