Select a local, regional or national environmental problem. Explain the steps that would be used to conduct a Benefit-Cost Analysis of a government policy to alleviate the problem.
How would you go about identifying the potential costs of the policy initiative, the Economic Costs (explicit and implicit), the social costs, which estimation method would work best for estimating explicit costs?
How do you deal with time differences that result for costs and benefits? What types of time-oriented modifications are necessary?
Comment on the objectivity of benefit-cost analysis?
What are some issues involved in using this method of analysis?
What are its limitations?