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Project appraisal: A revival is long overdue

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Abstract

This paper makes the case for the systematic appraisal of public sector projects using shadow prices as the signals of social scarcities. In so doing, it attempts to redress the balance between estimating inputs and outputs, central though that task is, and valuing them correctly. The account of how to estimate shadow prices for this purpose pays particular attention to the social discount rate and how to treat uncertainty at both the project and economy-wide levels.

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  • Clive Bell, 2017. "Project appraisal: A revival is long overdue," WIDER Working Paper Series wp-2017-111, World Institute for Development Economic Research (UNU-WIDER).
    • Handle: RePEc:unu:wpaper:wp-2017-111
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    File URL: https://www.wider.unu.edu/sites/default/files/wp2017-111.pdf
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    1. Clive Bell, 2017. "Shadow prices for a small open economy under uncertainty: Which expected values are valid," WIDER Working Paper Series wp-2017-112, World Institute for Development Economic Research (UNU-WIDER).
    2. Bell, Clive, 2012. "Estimating the social profitability of India's rural roads program : a bumpy ride," Policy Research Working Paper Series 6168, The World Bank.
    3. Ahmad,Etisham & Stern,Nicholas, 1991. "The Theory and Practice of Tax Reform in Developing Countries," Cambridge Books, Cambridge University Press, number 9780521265638, September.
    4. Shahidur R. Khandker & Zaid Bakht & Gayatri B. Koolwal, 2009. "The Poverty Impact of Rural Roads: Evidence from Bangladesh," Economic Development and Cultural Change, University of Chicago Press, vol. 57(4), pages 685-722, July.
    5. Clive Bell & Shantayanan Devarajan, 1983. "Shadow Prices for Project Evaluation Under Alternative Macroeconomic Specifications," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 98(3), pages 457-477.
    6. Bell, Clive, 2012. "The benefits of India's rural roads program in the spheres of goods, education and health : joint estimation and decomposition," Policy Research Working Paper Series 6169, The World Bank.
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