By Peter W. Abelson
ISBN-10: 0230374743
ISBN-13: 9780230374744
ISBN-10: 031212984X
ISBN-13: 9780312129842
ISBN-10: 1349395161
ISBN-13: 9781349395163
A pioneering try to see what diference econdomic review of environmental results woul have made to 6 genuine, ongoing improvement tasks, if performed on the time of appraisal. It combines theoretical rigor with utilized financial talents, offered with powerful universal sense.
A functional and readable consultant.
Read or Download Project Appraisal and Valuation of the Environment: General Principles and Six Case-Studies in Developing Countries PDF
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Extra resources for Project Appraisal and Valuation of the Environment: General Principles and Six Case-Studies in Developing Countries
Sample text
Formally, for some obscure reason, the real economic value is described as the 'shadow price'. 1) where MP stands for market price and CF for conversion factor. Importantly, the shadow price is a marginal concept. It is the value of an extra unit of output or the marginal cost of using an extra unit of a resource. As Little and Mirrlees (1974) and many others point out, estimation of shadow prices is especially important in developing countries where markets are least formed and least competitive.
A numeraire is the unit in which costs and benefits are ultimately measured. The first step is to distinguish between non-traded and traded goods (where trade means international trade) and to value them at their respective opportunity costs. Non-traded goods are valued at domestic willingness to pay prices, inciuding shadow prices as required. Traded goods are valued at international (border) prices. Secondly, an exchange rate is used to convert border prices from foreign currency to domestic currency units.
75). 5 per cent. Unfortunately we now have to confront the fact that the producer rate of discount, the marginal return on capital, is generally significantly higher than the consumer rate of discount. This would not be the case in a perfect capital market where producer and consumer rates of discount would be equal. However inflation and tax drive a wedge between the returns to producer and consumers. 9 per cent. How are we to choose between the producer and consumer rates of discount? Efficiency requires that the social return on each project should be at least as high as the return on the marginal alternative project, which is Cost-Benefit Analysis 29 known as the social opportunity cost of capital (SOC).