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- Appraisal of a project: It is an economic technique for project appraisal, widely used in business as well as government spending projects (for example should a business invest in a new information system)
- Incorporates externalities into the equation: It can, if required, include wider social/environmental impacts as well as ‘private’ economic costs and benefits so that externalities are incorporated into the decision process. In this way, CBA can be used to estimate the social welfare effects of an investment
- Time matters! CBA can take account of the economics of time – known as discounting. This is important when looking at environmental impacts of a project in the years ahead.
raphael answered the question on August 4, 2021 at 06:02
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