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Appraisal

In: Handbook of Choice Modelling

Author

Listed:
  • Anders Karlström

Abstract

This chapter discusses the use of neo-classical welfare economics in appraisal, i.e. cost-benefit analysis, using random utility choice modelling. The central role of the logsum formula is explained, generalisations are given for cases where utility is random, and approximations are discussed. Alternative approaches are also introduced.

Suggested Citation

  • Anders Karlström, 2024. "Appraisal," Chapters, in: Stephane Hess & Andrew Daly (ed.), Handbook of Choice Modelling, chapter 25, pages 720-745, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20188_25
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    File URL: https://www.elgaronline.com/doi/10.4337/9781800375635.00035
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