Teaching Benefit-Cost Analysis
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Teaching Benefit-Cost Analysis

Tools of the Trade

Edited by Scott Farrow

Teaching Benefit-Cost Analysis provides detail and inspiration that extends and clarifies standard textbooks. Each short, self-contained module includes guidance to additional sources while many also provide class exercises. Classes for advanced undergraduates, practitioners, or Masters students could especially apply these tools of the trade.
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Chapter 6: Benefit-cost analysis and US regulatory review: Finding a market failure

Susan E. Dudley

Abstract

In this chapter, students learn how benefit-cost analysis (BCA) is applied to US regulation. Students gain an overview of the federal regulatory process and the important role BCA plays in making regulatory policy. The chapter reviews how markets work in order to introduce the concept “market failure,” which agencies are required to identify to justify government regulation. Students should also gain an appreciation of possible government failures as well.

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