Public Policy: Cost-Effectiveness, Institutions, and Entities
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Cost-Effectiveness Analysis
Cost-effectiveness analysis ranks policies based on their costs for achieving a defined objective. This analysis is implemented when there is no reasonable consensus on how the relevant costs and benefits can be evaluated. Cost-effectiveness doesn’t evaluate the worthiness of a project based on its benefits relative to costs; instead, it takes some outcome or goal as given and evaluates the efficiency of the various options for achieving it. For example, if policymakers decide to reduce CO2 emissions by 10%, there would be many ways of achieving this goal.
Institutions in Public Policy
Institutions are the laws, organizations, and unwritten rules that make public policy possible. Groups ranging from a handful of homeowners... Continue reading "Public Policy: Cost-Effectiveness, Institutions, and Entities" »