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 11: Uncertainty and risk

Nicolas Treich

Abstract

Uncertainty is prevalent in policymaking, and is thus an important dimension of policy evaluation and BCA. This chapter introduces the methods and practices to take uncertainty into account in BCA. The pedagogical approach consists in building on the contrast between two related concepts, such as risk versus uncertainty, static versus sequential analysis or ex ante versus ex post BCA.

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