write a 1-2 page paper
read the following attached documents and for Goodwin only read pp. 266 o 271
1. An Introduction to Cost Benefit Analysis Watkins” .(located in the Module 6 Additional Readings folder.) 2. Goodwin, et al. Microeconomics in Context, Ch 12, “The Economics of the Environment”, Ch. 12, pp. 266 o 271 ONLY.
please follow the instructions below
Suppose the following: The South Bronx is one of the City’s areas with waste transfer facilities. Trucks bring waste to the facilities to be repackaged and sent by rail and boat to other states. The steady stream of trucks driving through the area creates poor air quality and higher rates of asthma as well as noise. The area has higher rates of hospitalizations for asthma-related illness than most neighborhoods in the City. Residents, as well as property owners (of apartment buildings and single-family homes) feel the poor air quality reduces their quality of life and their property values. Suppose the City is considering a proposal to build a new, more efficient waste transfer station in Red Hook which will reduce the number of truck trips in the South Bronx by three-quarters (or 75 percent). It is expected to improve air quality and reduce asthma-related hospitalizations in the South Bronx by one half. The new waste transfer station will take two years to build and the reductions in asthma-related hospitalizations are expected to begin one year after that. One of the first steps in conducting a cost-benefit analysis (CBA) is to identify the costs and benefits of the project and consider how they can be measured in monetary terms. Based on the readings, identify and discuss what you think should be included in the costs of the project (and why) and what should be included in the benefits of the project (and why). For each cost or benefit, discuss how you would measure it in $$. Where it may be relevant, draw on nonmarket valuation techniques as needed. Also, would you need to use “discounting” to arrive at any of the cost or benefit calculations? If so, explain briefly how this would work.
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