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Benefit–Cost Analyses for Security Policies

Does Increased Safety Have to Reduce Efficiency? Edited by Carol Mansfield, Senior Economist, RTI International and V. Kerry Smith, Emeritus Regents’ Professor and Emeritus University Professor, Arizona State University, US
Benefit–Cost Analyses for Security Policies describes how to undertake the evaluation of security policies within the framework of benefit–cost analysis and offers a unique contribution to analysis of homeland security regulations in the United States. The authors outline how established procedures for benefit–cost analysis must adapt to meet challenges posed by current security policy, through examining specific security related regulations. The logic of risk assessment, selection of a discount rate, valuation of travellers’ time when delayed due to screening, valuation of changes in risks of injury or death, and impacts of terrorist events on the economy as a whole are among the issues discussed. An outline of the research and policy evaluation steps needed to build robust benefit–cost methods to evaluate security related regulations in the future is presented in the book.
Extent: 288 pp
Hardback Price: £95.00 Web: £85.50
Publication Date: 2015
ISBN: 978 1 78471 107 8
Availability: In Stock
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  • Economics and Finance
  • Methodology of Economics
  • Public Sector Economics
  • Politics and Public Policy
  • Terrorism and Security
The opening of the National September 11th Memorial and Museum in 2014 marks a new era of reflection toward enhancing homeland security regulation in the United States. In the context of this new era, it is necessary to consider how policy intended to reinforce homeland security is evaluated.

Benefit–Cost Analyses for Security Policies describes how to undertake the evaluation of security policies within the framework of benefit–cost analysis and offers a unique contribution to analysis of homeland security regulations in the United States. The authors outline how established procedures for benefit–cost analysis must adapt to meet challenges posed by current security policy, through examining specific security related regulations. The logic of risk assessment, selection of a discount rate, valuation of travelers’ time when delayed due to screening, valuation of changes in risks of injury or death, and impacts of terrorist events on the economy as a whole are among the issues discussed. An outline of the research and policy evaluation steps needed to build robust benefit–cost methods to evaluate security related regulations in the future is presented in the book. A series of examples is offered to illustrate how new security regulations should be reassessed to ensure resources are not wasted.

Policy analysts will benefit from the insight drawn on how to evaluate homeland security regulation in the United States. Academic researchers interested in homeland security policy evaluation will find this book valuable and informative. Postgraduate students of public policy or applied economics will find examples of the challenges in using the methods of benefit–cost analysis in this new area for policy evaluation.
Contributors: K. Boyle, C. Dockins, S. Farrow, A. Hashemi, M. Jones-Lee, S. Kaul, M.E. Kahn, S. Kaul, X. Li, C. Mansfield, K.E. McConnell, A. Rose, V. K. Smith, W.K. Viscusi, W. Wheeler






Contents:

PART I: INTRODUCTION AND OBJECTIVES
1. Introducing the Issues: Meeting the Challenges in Evaluating Homeland Security Policy
Carol Mansfield and V. Kerry Smith

2. The Design of Benefit Cost “Architecture” for Homeland Security Policy Analysis
V. Kerry Smith and Carol Mansfield

PART II: SECURITY POLICIES AND REDUCING RISKS
3. Lessons from Risk Assessment, Economics, and Risk Management at EPA
Chris Dockins and William Wheeler

4. The Heterogeneity of the Value of Statistical Life: Evidence and Policy Implications
W. Kip Viscusi

5. Dealing with Safety in UK Public-Sector Project Appraisal
Michael Jones-Lee

6. A Comparison of Key Benefit Estimation Issues for Natural Hazards and Terrorism: Ex Ante / Ex Post Valuation and Endogenous Risk
Scott Farrow

PART III: ADAPTATION AND ECONOMY WIDE EFFECTS
7. Urban Adaptation to Low-Probability Shocks: Contrasting Terrorism and Natural Disaster Risk
Matthew E. Kahn

8. Macroeconomic Consequences of Terrorist Attacks: Estimation for the Analysis of Policies and Rules
Adam Rose

PART IV: PRACTICAL IMPLEMENTATION OF POLICY EVALUATION
9. Valuing Time for Department of Homeland Security Projects and Policies
Kenneth E. McConnell

10. Applicability of Benefit Transfers for Evaluation of Homeland Security Counterterrorism Measures
Kevin Boyle, Sapna Kaul, Ali Hashemi and Xiaoshu Li

11. What We Know and What We Need to Learn
Carol Mansfield and V. Kerry Smith

Index