OF SOCIAL TRANSFERS Cost-eﬀectiveness analysis diﬀers from cost–beneﬁt analysis in that whereas cost–beneﬁt analysis attempts to assess ﬁnancial or economic returns to an investment by attaching monetary values to all associated costs and beneﬁts and comparing the two, cost-eﬀectiveness analysis more straightforwardly speciﬁes a project objective (or set of desired outcomes) and then analyses the cost of achieving it. Cost-eﬀectiveness analysis is appropriate where eﬀects cannot easily be reduced to monetary terms, even if they can be quantiﬁed. It is well suited to social transfer schemes, where the focus is most often on assessing value for money in attaining transfer objectives rather than on quantifying overall economic or ﬁnancial returns to an investment. Like cost– beneﬁt analysis, cost-eﬀectiveness analysis can be used to compare alternative interventions with diﬀerent costs and diﬀerent eﬀects, provided the eﬀects can be expressed in the same units. However, unlike cost–beneﬁt analysis, costeﬀectiveness analysis ﬁndings are speciﬁc to the particular eﬀects selected for the analysis, and are likely to diﬀer between direct outputs of schemes (for example, amount of cash or farm inputs transferred) and indirect eﬀects (for example, increased access to food or increased farm output). Some initial distinctions regarding the reach of cost-eﬀectiveness are helpful. At a minimum the analysis would seek to measure the cost per unit of the social transfer delivered, for example the unit cost...
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