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Adjusted Benefit-Cost Ratios for Six Recent Reclamation Projects

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  • A. Myrick Freeman III

Abstract

The Bureau of Reclamation' benefit-cost estimates for six single-purpose projects are reviewed, major sources of bias are identified, and adjustments are made where the required data are readily available. The principal sources of bias in the Bureau's benefit-cost estimates are using a low discount rate, counting secondary benefits, using overoptimistic projections of prices, not counting the opportunity cost of farm labor, and not counting the opportunity cost of water. Adjustments using available data can be made for all but the last. After adjustment, revised benefit-cost ratios are less than one for five of the six projects studied. A comparison of the Bureau's estimated project construction costs with realized costs is favorable.

Suggested Citation

  • A. Myrick Freeman III, 1966. "Adjusted Benefit-Cost Ratios for Six Recent Reclamation Projects," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 48(4_Part_I), pages 1002-1012.
    • Handle: RePEc:oup:ajagec:v:48:y:1966:i:4_part_i:p:1002-1012.
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    File URL: http://hdl.handle.net/10.2307/1236627
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    Citations

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    Cited by:

    1. Holland, Stephen P. & Moore, Michael R., 2003. "Cadillac Desert revisited: property rights, public policy, and water-resource depletion," Journal of Environmental Economics and Management, Elsevier, vol. 46(1), pages 131-155, July.
    2. Pfeiffer, George H., 1978. "Benefit-Cost Analysis Of North Dakota'S Garrison Diverson Unit: A Case Study Of Conflicting Interest," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 3(2), pages 1-8, December.
    3. Holland, Stephen P. & Moore, Michael R., 2000. "Cadillac Desert Revisited: Property Rights, Public Policy, And Water-Resource Depletion In The American West," 2000 Annual meeting, July 30-August 2, Tampa, FL 21861, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    4. Spinks, Thomas & Dahl, Dale C., 1981. "Inputs Used in U.S. Farm Production: A Bibliography of Selected Economic Studies, 1950-80," Economics and Statistics Services (ESS) Reports 319963, United States Department of Agriculture, Economic Research Service.
    5. Young, Robert A., 1978. "Economic Analysis And Federal Irrigation Policy: A Reappraisal," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 3(2), pages 1-12, December.

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