Discussion
Put the steps of a benefit cost study in order.
1. Compute the ratio and compare it with unity 2. Value them, using shadow prices where no market price exists 3. Identify benefits, disbenefits and costs and who bears each 4. Test the result's sensitivity to the rate and the shadow prices
Answer: B
Identify the effects, value them, compute the ratio and then test how firm the answer is. The sensitivity test comes last because it re-runs the whole computation with the contested inputs varied over their plausible ranges.
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