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Distinguishing between Money income and Utility income in Cost-Benefit Analisys

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  • Robert J. Brent

    (University of Essex)

Abstract

To date, the distinction between money income and utility income has been recognized only in an efficiency context. This article argues that it is also srgnificant in an income redistribution context and can be used to identify the form which such redistribution is to take, cash or kind. To illustrate its practical significance, this distinction is shown to underlie the social evaluation of time savings which appear as benefits in many public transport investments. By imputation from past railway closure decisions in the United Kingdom, a value for time twice the conventional evaluation is obtained.

Suggested Citation

  • Robert J. Brent, 1980. "Distinguishing between Money income and Utility income in Cost-Benefit Analisys," Public Finance Review, , vol. 8(2), pages 131-152, April.
    • Handle: RePEc:sae:pubfin:v:8:y:1980:i:2:p:131-152
    DOI: 10.1177/109114218000800201
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    References listed on IDEAS

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    1. Edgar Olsen, 1969. "A normative theory of transfers," Public Choice, Springer, vol. 6(1), pages 39-58, March.
    2. Martin S. Feldstein, 1964. "Net Social Benefit Calculation And The Public Investment Decision," Oxford Economic Papers, Oxford University Press, vol. 16(1), pages 114-131.
    3. Hochman, Harold M & Rodgers, James D, 1971. "Is Efficiency a Criterion for Judging Redistribution?," Public Finance = Finances publiques, , vol. 26(2), pages 348-360.
    4. Edgar K. Browning, 1975. "The Externality Argument For In‐Kind Transfers: Some Critical Remarks," Kyklos, Wiley Blackwell, vol. 28(3), pages 526-544, August.
    5. repec:bla:kyklos:v:28:y:1975:i:3:p:526-44 is not listed on IDEAS
    6. Diamond, P. A. & McFadden, D. L., 1974. "Some uses of the expenditure function in public finance," Journal of Public Economics, Elsevier, vol. 3(1), pages 3-21, February.
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    Cited by:

    1. Robert J. Brent, 1984. "Use of Distributional Weights in Cost-Benefit Analysis: a Survey of Schools," Public Finance Review, , vol. 12(2), pages 213-230, April.

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