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Stage 1(a) Calculation of social costs & social benefits. This would include calculation of:
o Tangible Benefits and Costs (i.e. direct costs and benefits)
o Intangible Benefits and Costs (i.e. indirect costs and benefits – externalities)
o This process is very important – it involves trying to identify all of the significant costs & benefits
o Stage 1(b) - Sensitivity analysis of events occurring – this relates to an important question - If you estimate that a
possible benefit (or cost) is £x million, how likely is that outcome? If you are reasonably sure that a benefit or
cost will ‘occur’ – what is the scale of uncertainty about the actual values of the costs and benefits?
o Stage 2: - Discounting the future value of benefits – costs and benefits accrue over time. Individuals normally
prefer to enjoy the benefits now rather than later – so the value of future benefits has to be discounted
o Stage 3: - Comparing the costs and benefits to determine the net social rate of return
o Stage 4: - Comparing net rate of return from different projects– the government may have limited funds at its disposal and therefore faces a choice about which projects should be given the go-ahead.
raphael answered the question on August 4, 2021 at 06:07
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