ECON 4120
Welfare Economics & Cost Benefit Analysis
Memorial University of Newfoundland
Chapter 0
Organization session
INTRODUCTION
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The prof
The students
The material
The textbooks
The aids
The way to do it right!
The grading
The Prof:
Rober Martinez-Espineira
“Rober”
email: rmartinezesp@mun.ca
AA 3087
E-mail only from your MUN account!!!
The Prof:
Office hours (posted on-line and on my office
door):
TUE 1:30 to 4:30, WED 12:45 to 13:45, or by
appointment
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The students
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Names?
Why are you here?
What are you going to do next?
When did you take Microeconomics last?
The objectives
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Cost Benefit Analysis
Improving your knowledge about Welfare
Economics and the ethical and normative
foundations of Economics
To equip you with the skills needed to interpret and
advise on basic cost-benefit analysis
To improve your capacity to critically assess
instances of public policy
The objectives
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understand the principles behind the theory of market failure
and its regulation
interpret basic empirical examples of cost-benefit analysis
and communicate the results to stakeholders
critically assess the advantages and limitations of using costbenefit analysis to inform public policy
determine when a cost benefit analysis may be performed in a
meaningful way
perform basic project analyses
identify limitations in modeling assumptions, data, or
political concerns that may compromise the validity of a costbenefit analysis study
The textbooks
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Boardman, Anthony E., David H. Greenberg,
Aidan R. Vining, and David L. Weimer. CostBenefit Analysis: Concepts and Practice. 4th
ed., (Upper Saddle River, NJ: Pearson
Prentice Hall, 2011)
The textbooks
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We will use other books from time to time
and suggest additional readings
The aids
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course outline and online course
schedule on website
PowerPoint presentations and or
class notes online
Home assignments
The aids
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Check your e-mails and website
frequently
We will be working little by little but
continuously
There will be frequent assignments
The way to get it right
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Reading the chapters before coming to class
Taking useful notes in class or annotating
over the printouts from my website
Going back to the book and the readings after
the class
Coming to see me to solve doubts
Doing the home assignments
The way to get it right
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There is no way to pass this on swoting
Trying to catch up on the last two weeks is
not going to work
The way to understanding the material is by
doing the reading as we learn it
Ask me if you need help!
The grading system
If you miss a quiz, the weight will be reallocated towards the
final exam. Late submissions of assignments will be
penalized at the rate of 5% per day
Questions?
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Any questions?
Any suggestions?
Any complaints?
NEXT
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Introduction to CBA and Welfare Economics
Get the book and read the first chapter