cost-benefit analysis

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Cost-benefit analysis

A method of evaluating projects or investments by comparing the present value or annual value of expected benefits to costs; the practical embodiment of discounted cash flow analysis; a useful technique for making transparent the benefits of upfront investments in sustainable design features or technologies.
Illustrated Dictionary of Architecture Copyright © 2012, 2002, 1998 by The McGraw-Hill Companies, Inc. All rights reserved

cost-benefit analysis

a technique for appraising the total economic costs and benefits (and ideally the total social costs and benefits expressed as economic costs) arising from any economic and social activity, especially new projects. Hitherto, the technique has been mainly used to appraise new, large, public projects. But, in an increasingly ecologically conscious era, the proposal now is that many more existing economic and social activities should be subject to full cost-benefit analysis, with many more costs, e.g. environmental, also included to a fuller extent than previously Cost-benefit analysis is far from being a straightforward technique, however, and much depends on the assumptions on which a costing is made. Careful attention has always to be given to the range of external costs and the range of benefits to be included in the calculations, as well as to the basis on which these can be costed. The results usually leave scope for controversy.
Collins Dictionary of Sociology, 3rd ed. © HarperCollins Publishers 2000

cost-benefit analysis

An analysis of a construction contract with the objective of identifying all the included costs and evaluating their benefits.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.
References in periodicals archive ?
In fact, Hayek's article "The Use of Knowledge in Society" ([1945] 1948) has been far more influential in defeating the advocates of socialism in the arena of international intellectual opinion than Mises's article "Economic Calculation in the Socialist Commonwealth" ([1920] 1935).
The interest rate regulates the intertemporal allocation of resources in the present value approach to economic calculation. To demonstrate, Figure 3 combines the NPV diagram and the loanable funds diagram.
312) write, that "the intuition that one needs money at certain moments for certain payments [is] completely absurd." That a person has different subjective valuations for money at two moments in time is no more an argument against the unit of money being useful for inter-temporal economic calculation than that two persons at the same moment in time have different subjective valuations of money is an argument against the unit of money being useful for economic calculation at the present moment.
If one is only considering the distribution of a fixed set of consumer goods, the calculation problem is not present--as there is no production, there is no need for economic calculation. The computation problem, however, exists even in the absence of production.
While the market socialism of tradable permits enables better economic calculation than command-and-control regulations, secure private property rights allow for the generation of knowledge that is essential to the solution of environmental problems.
A similar comment could be expressed about the radical separation Hulsmann, following in the footsteps of other Austrian theorists like Salerno and Rothbard, wishes to make between Mises and Hayek on the topic of socialist economic calculation (p.
In markets, economic calculation empowers actors to gauge the expected value of outputs across other feasible alternatives.
attention in any of the recent work (though economic calculation
It symbolizes the economic calculation, immediacy of impact and long-term multiplier effects that we wish to see in all the 'Build, Build, Build' projects," said Dominguez after signing the agreement.
It symbolizes the economic calculation, immediacy of impact and long-term multiplier effects that we wish to see in all the 'Build Build Build' projects,' Dominguez said after signing the agreement with Ito at the National Economic and Development Authority (Neda) main office in Ortigas Center, Pasig City.
In his essay "Economic Calculation in the Socialist Commonwealth" (1920), Mises was alone in challenging the socialists to explain how their pricing system would actually work in practice.
This material is an education unto itself; the laws cover such areas as economic analysis, sustainability, profits and wages, equality and inequality, division of labor, economic calculation, money, interest rates, banking, and spending versus saving.

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