Anthony E Boardman
Biographic Data
| ID | 4273403 |
|---|---|
| NAME | Anthony E Boardman |
| GIVEN NAMES | Anthony E |
| FAMILY NAME | Boardman |
| SIGNATURE | BOARDMAN A E |
| AFFILIATIONS | University of British Columbia |
| ORCID | 0000-0002-3264-966X |
| VERIFIED | Yes |
| TOTAL WORKS | 30 |
| TOTAL CITATIONS | 187 |
| AUTHOR COUNT | 29 |
| EDITOR COUNT | 1 |
| FIRST PUBLICATION YEAR | 1977 |
| LATEST PUBLICATION YEAR | 2024 |
| H-INDEX | 8 |
Cost–benefit analysis and ‘next best’ methods to evaluate the efficiency of social policies: As in pitching horseshoes, closeness matters
Many policymakers are unwilling, or think that it is infeasible, to perform comprehensive cost–benefit analysis (CBA) of programmes in social policy arenas. What principles actually underlie CBA? An understanding is necessary to assess whether other evaluation methods are close enough to CBA to provide useful information on social efficiency. This paper explains five underlying CBA principles and the challenges in applying them to social policy a…
Standing in Cost‐Benefit Analysis: Where, Who, What (Counts)
Whose costs and benefits should count in cost‐benefit analysis (CBA)? This is an important practical question requiring answers for analysts because most government agencies offer only permissive or vague guidance. Drawing primarily on foundational CBA principles, we present a conceptual framework for specifying standing to answer three important boundary questions: Where? Who? What? First, a standing framework requires a definition of jurisdicti…
Efficiency without Apology: Consideration of the Marginal Excess Tax Burden and Distributional Impacts in Benefit–Cost Analysis
Some issues in the application of benefit–cost analysis (BCA) remain contentious. Although a strong conceptual case can be made for taking account of the marginal excess tax burden (METB) in conducting BCAs, it is usually excluded. Although a strong conceptual case can be made that BCA should not include distributional values, some analysts continue to advocate doing so. We discuss the cases for inclusion of the METB and the exclusion of distribu…
Cost-Benefit Analysis: Concepts and Practice
Risk in Public Sector Project Appraisal: It Mostly Does Not Matter
Public project appraisal using cost-benefit analysis (CBA) requires analysts to project risky net benefits and to convert these into present values using a social discount rate (SDR). We consider which types of risk matter for CBA. For small projects with only idiosyncratic risks, expected net benefits should be discounted at a risk-free SDR. If projects are large or expected net benefits are correlated with aggregate consumption, the alternative…
Public‐Private Partnerships: The Way They Were and What They Can Become
Infrastructure PPPs are now main‐stream. Both partnership language and its contractual forms have evolved over the past few decades, though. Compared to early optimistic promises, we now have a more nuanced and balanced view of what PPPs are and what they can achieve. Indeed, modern PPPs are tied more to seeking economic growth and political success rather than demonstrating ‘one‐best‐way’ to deliver efficient infrastructure. This article traces …
Cost–Benefit Analysis
Cost-Benefit Analysis provides accessible, comprehensive, authoritative, and practical treatments of the protocols for assessing the relative efficiency of public policies. Its review of essential concepts from microeconomics, and its sophisticated treatment of important topics with minimal use of mathematics helps students from a variety of backgrounds build solid conceptual foundations. It provides thorough treatments of time discounting, deali…
Comparative Analyses of Infrastructure Public-Private Partnerships
Infrastructure public–private partnerships, also known as PPPs or P3s, continue to be a fascinating aspect of public policy around the globe. It has been more than two decades since John Major’s go
The Theory and Evidence Pertaining to Local Government Mixed Enterprises
This paper addresses some of the gaps in both classification and theory pertaining to local government MEs and presents tentative predictions concerning the performance of local MEs. As a preliminary, we identify the different forms of entities with ME characteristics and place them within a comprehensive taxonomy. Most local MEs provide local public goods. Consequently, their primary goal should be to improve social welfare. This goal should dri…
More appropriate discounting: The rate of social time preference and the value of the social discount rate
Recently, a number of authors, including Burgess and Zerbe, have recommended the use of a real social discount rate (SDR) in the range of 6–8% in benefit-cost analysis (BCA) of public projects. They derive this rate based on the social opportunity cost of capital (SOC) method. In contrast, this article argues that the correct method is to discount future impacts based on the rate of social time preference (STP). Flows in or out of private investm…
The choice of the social discount rate and the opportunity cost of public funds
The decades-old literature on the correct method for choosing and estimating a social discount rate (SDR) has resulted in two, largely opposing viewpoints. This note seeks to clarify the key sources of disagreement between these two camps. One view advocates that the choice should be based chiefly on the social opportunity cost of the return to foregone private capital investment (SOC), and suggests a SDR of around 7%. The other viewpoint, expres…
The Political Economy of Public‐private Partnerships and Analysis of Their Social Value
This article applies political economy theory to public‐private partnerships (PPPs). First, we propose that social welfare is the appropriate normative evaluation criterion to evaluate the social value of PPPs. Second, we specify the goals of PPP participants, including private‐sector partners and governments. Third, we review the observed outcomes of PPPs and analyze them from both a political economy perspective and a social welfare perspective…
A Benefit-Cost Analysis of Private and Semi-Private Hospital Rooms
The design of new hospital inpatient rooms is moving towards private (single occupancy) rooms. These rooms are generally preferred by patients and they may improve patient care, but they are more expensive to build and to staff than semi-private rooms. The question of their societal worth is important because hospitals are expensive, long-term investments and, once built, are prohibitively expensive to change. This paper presents a benefit-cost a…
International Handbook on Public–Private Partnerships
In this timely Handbook, leading scholars from around the world explore the challenges presented by infrastructure PPPs, and contemplate what lies ahead as governments balance the need to provide innovative new infrastructure against the requirement for good public governance. This Handbook builds on a range of exciting theoretical lenses that span several disciplinary boundaries. It presents innovative insights and informed perspectives from an …
The Social Discount Rate for Canada Based on Future Growth in Consumption
Recent interim guidelines of the Treasury Board Secretariat (2007) recommend a social discount rate (SDR) of 8 percent. This paper argues that this value is based on an inappropriate methodology and is too high. Using a consumption rate of interest and drawing on a growth model, we suggest that if a project is intragenerational (less than 50 years) and there is no crowding out of private investment, then analysts should use an SDR of 3.5 percent.…
A Cost-Benefit Analysis of the Privatization of Canadian National Railway
This article uses cost-benefit analysis to estimate the welfare gains from the privatization of Canadian National Railway (CN) in November 1995, one of the largest rail privatizations in history. It also shows how these gains have been distributed among consumers, producers, and government, and between Canadians and non-Canadians. The article uses the costs of Canadian Pacific Railway to create a more credible comparison than in previous privatiz…
Public—Private Partnerships: Eight Rules for Governments
This article provides eight rules for government concerning the administration of public—private partnerships (P3s). The basis for these rules draws on transaction cost economics. First, however, the article provides some background on alternative modes for the provision of infrastructure and their associated transactions costs. Second, it outlines a positive theory perspective of P3s that takes into account the divergent goals of the partners in…
Public‐private partnerships in Canada: Theory and evidence
This article develops some theory on and examines the implementation and performance of Canadian public‐private partnerships (P3s). It focuses primarily on infrastructure projects and addresses three questions: 1) What goals do governments expect to achieve through P3s? 2) How effective are P3s likely to be at delivering value to governments and citizens? 3) What lessons can be derived from the use of P3s? The article reviews the government's int…
Metachoice in policy analysis
Many national governments now mandate some form of ex ante evaluation of policy alternatives. But, evidence suggests that both policy analysts and their political and bureaucratic clients have difficulty doing this form of policy analysis evaluation. To conduct effective ex ante evaluation of alternatives, analysts and decision-makers must first choose the choice method class – metachoice. This paper presents an explicitly normative metachoice fr…
Public–private partnerships in the US and Canada: “There are no free lunches”
Governments in many industrialized nations have made concerted efforts to reduce their immediate expenditures and to reduce the cost of major infrastructure projects. Public–private partnerships (P3s) are one emerging method that might do so. Despite the increased use of P3s, there is little independent research on the effectiveness of P3s as a public policy instrument. This article considers the major rationales for P3s, including cost savings a…
Government Underpricing of Share‐Issue Privatizations
The purposes of the paper are to determine whether governments underprice shares in fixed‐price share‐issue privatizations (SIPs) and, if so, what their motivations are for doing so. This paper develops three models of SIP underpricing: one based on revenue goals, one based on political goals and an inclusive model which supposes that the level of underpricing depends on both government revenue goals and political goals. These models are estimate…
Just give me a number!” Practical values for the social discount rate
A major reason the quality of cost‐benefit analysis (CBA) varies widely is inconsistent use of the social discount rate (SDR). This article offers guidance about the choice of the SDR. Namely, we recommend the following procedures: If the project is intragenerational (does not have effects beyond 50 years) and there is no crowding out of private investment, then discount all flows at 3.5 percent; if the project is intragenerational and there is s…
Privatization in North America
Costs and Benefits through Bureaucratic Lenses: Example of a Highway Project
Anthony Boardman, Aidan Vining, W. G. Waters, II, Costs and Benefits through Bureaucratic Lenses: Example of a Highway Project, Journal of Policy Analysis and Management, Vol. 12, No. 3 (Summer, 1993), pp. 532-555
Ownership versus competition: Efficiency in public enterprise
Public‐private partnerships in Canada: Theory and evidence
This article develops some theory on and examines the implementation and performance of Canadian public‐private partnerships (P3s). It focuses primarily on infrastructure projects and addresses three questions: 1) What goals do governments expect to achieve through P3s? 2) How effective are P3s likely to be at delivering value to governments and citizens? 3) What lessons can be derived from the use of P3s? The article reviews the government's int…
Just give me a number!” Practical values for the social discount rate
A major reason the quality of cost‐benefit analysis (CBA) varies widely is inconsistent use of the social discount rate (SDR). This article offers guidance about the choice of the SDR. Namely, we recommend the following procedures: If the project is intragenerational (does not have effects beyond 50 years) and there is no crowding out of private investment, then discount all flows at 3.5 percent; if the project is intragenerational and there is s…
The Political Economy of Public‐private Partnerships and Analysis of Their Social Value
This article applies political economy theory to public‐private partnerships (PPPs). First, we propose that social welfare is the appropriate normative evaluation criterion to evaluate the social value of PPPs. Second, we specify the goals of PPP participants, including private‐sector partners and governments. Third, we review the observed outcomes of PPPs and analyze them from both a political economy perspective and a social welfare perspective…
Ownership versus competition: Efficiency in public enterprise
Public‐Private Partnerships: The Way They Were and What They Can Become
Infrastructure PPPs are now main‐stream. Both partnership language and its contractual forms have evolved over the past few decades, though. Compared to early optimistic promises, we now have a more nuanced and balanced view of what PPPs are and what they can achieve. Indeed, modern PPPs are tied more to seeking economic growth and political success rather than demonstrating ‘one‐best‐way’ to deliver efficient infrastructure. This article traces …
The Theory and Evidence Pertaining to Local Government Mixed Enterprises
This paper addresses some of the gaps in both classification and theory pertaining to local government MEs and presents tentative predictions concerning the performance of local MEs. As a preliminary, we identify the different forms of entities with ME characteristics and place them within a comprehensive taxonomy. Most local MEs provide local public goods. Consequently, their primary goal should be to improve social welfare. This goal should dri…
Public—Private Partnerships: Eight Rules for Governments
This article provides eight rules for government concerning the administration of public—private partnerships (P3s). The basis for these rules draws on transaction cost economics. First, however, the article provides some background on alternative modes for the provision of infrastructure and their associated transactions costs. Second, it outlines a positive theory perspective of P3s that takes into account the divergent goals of the partners in…
Costs and Benefits through Bureaucratic Lenses: Example of a Highway Project
Anthony Boardman, Aidan Vining, W. G. Waters, II, Costs and Benefits through Bureaucratic Lenses: Example of a Highway Project, Journal of Policy Analysis and Management, Vol. 12, No. 3 (Summer, 1993), pp. 532-555
The Social Discount Rate for Canada Based on Future Growth in Consumption
Recent interim guidelines of the Treasury Board Secretariat (2007) recommend a social discount rate (SDR) of 8 percent. This paper argues that this value is based on an inappropriate methodology and is too high. Using a consumption rate of interest and drawing on a growth model, we suggest that if a project is intragenerational (less than 50 years) and there is no crowding out of private investment, then analysts should use an SDR of 3.5 percent.…
Highway congestion and congestion tolls
Public–private partnerships in the US and Canada: “There are no free lunches”
Governments in many industrialized nations have made concerted efforts to reduce their immediate expenditures and to reduce the cost of major infrastructure projects. Public–private partnerships (P3s) are one emerging method that might do so. Despite the increased use of P3s, there is little independent research on the effectiveness of P3s as a public policy instrument. This article considers the major rationales for P3s, including cost savings a…
Using Panel Data to Improve Estimates of the Determinants of Educational Achievement
Single equation models of educational achievement that have been estimated by OLS have tended to ignore the effects of omitting relevant variables. These omitted variables may lead to biased and inconsistent estimates. Further, past research frequently obscures the correct interpretation of the estimated coefficients. This paper considers three frequently estimated models of educational achievement: the case when only cross-sectional data are ava…
Standing in Cost‐Benefit Analysis: Where, Who, What (Counts)
Whose costs and benefits should count in cost‐benefit analysis (CBA)? This is an important practical question requiring answers for analysts because most government agencies offer only permissive or vague guidance. Drawing primarily on foundational CBA principles, we present a conceptual framework for specifying standing to answer three important boundary questions: Where? Who? What? First, a standing framework requires a definition of jurisdicti…
Comparative Analyses of Infrastructure Public-Private Partnerships
Infrastructure public–private partnerships, also known as PPPs or P3s, continue to be a fascinating aspect of public policy around the globe. It has been more than two decades since John Major’s go
The choice of the social discount rate and the opportunity cost of public funds
The decades-old literature on the correct method for choosing and estimating a social discount rate (SDR) has resulted in two, largely opposing viewpoints. This note seeks to clarify the key sources of disagreement between these two camps. One view advocates that the choice should be based chiefly on the social opportunity cost of the return to foregone private capital investment (SOC), and suggests a SDR of around 7%. The other viewpoint, expres…
A Cost-Benefit Analysis of the Privatization of Canadian National Railway
This article uses cost-benefit analysis to estimate the welfare gains from the privatization of Canadian National Railway (CN) in November 1995, one of the largest rail privatizations in history. It also shows how these gains have been distributed among consumers, producers, and government, and between Canadians and non-Canadians. The article uses the costs of Canadian Pacific Railway to create a more credible comparison than in previous privatiz…
More appropriate discounting: The rate of social time preference and the value of the social discount rate
Recently, a number of authors, including Burgess and Zerbe, have recommended the use of a real social discount rate (SDR) in the range of 6–8% in benefit-cost analysis (BCA) of public projects. They derive this rate based on the social opportunity cost of capital (SOC) method. In contrast, this article argues that the correct method is to discount future impacts based on the rate of social time preference (STP). Flows in or out of private investm…
Metachoice in policy analysis
Many national governments now mandate some form of ex ante evaluation of policy alternatives. But, evidence suggests that both policy analysts and their political and bureaucratic clients have difficulty doing this form of policy analysis evaluation. To conduct effective ex ante evaluation of alternatives, analysts and decision-makers must first choose the choice method class – metachoice. This paper presents an explicitly normative metachoice fr…
Government Underpricing of Share‐Issue Privatizations
The purposes of the paper are to determine whether governments underprice shares in fixed‐price share‐issue privatizations (SIPs) and, if so, what their motivations are for doing so. This paper develops three models of SIP underpricing: one based on revenue goals, one based on political goals and an inclusive model which supposes that the level of underpricing depends on both government revenue goals and political goals. These models are estimate…
Efficiency without Apology: Consideration of the Marginal Excess Tax Burden and Distributional Impacts in Benefit–Cost Analysis
Some issues in the application of benefit–cost analysis (BCA) remain contentious. Although a strong conceptual case can be made for taking account of the marginal excess tax burden (METB) in conducting BCAs, it is usually excluded. Although a strong conceptual case can be made that BCA should not include distributional values, some analysts continue to advocate doing so. We discuss the cases for inclusion of the METB and the exclusion of distribu…
Risk in Public Sector Project Appraisal: It Mostly Does Not Matter
Public project appraisal using cost-benefit analysis (CBA) requires analysts to project risky net benefits and to convert these into present values using a social discount rate (SDR). We consider which types of risk matter for CBA. For small projects with only idiosyncratic risks, expected net benefits should be discounted at a risk-free SDR. If projects are large or expected net benefits are correlated with aggregate consumption, the alternative…
Canadian and British TV Markets: Why the CBC Should Not Be like the BBC
Highway congestion and congestion tolls
The Potential of Social Science Research for Educational Management and Policy: Theory and Practice
Social scientists have contributed to educational policy, but they can do more
Using Panel Data to Improve Estimates of the Determinants of Educational Achievement
Single equation models of educational achievement that have been estimated by OLS have tended to ignore the effects of omitting relevant variables. These omitted variables may lead to biased and inconsistent estimates. Further, past research frequently obscures the correct interpretation of the estimated coefficients. This paper considers three frequently estimated models of educational achievement: the case when only cross-sectional data are ava…
Canadian and British TV Markets: Why the CBC Should Not Be like the BBC
Ownership and Performance in Competitive Environments: A Comparison of the Performance of Private, Mixed, and State-Owned Enterprises
Ownership versus competition: Efficiency in public enterprise
Costs and Benefits through Bureaucratic Lenses: Example of a Highway Project
Anthony Boardman, Aidan Vining, W. G. Waters, II, Costs and Benefits through Bureaucratic Lenses: Example of a Highway Project, Journal of Policy Analysis and Management, Vol. 12, No. 3 (Summer, 1993), pp. 532-555
Privatization in North America
Government Underpricing of Share‐Issue Privatizations
The purposes of the paper are to determine whether governments underprice shares in fixed‐price share‐issue privatizations (SIPs) and, if so, what their motivations are for doing so. This paper develops three models of SIP underpricing: one based on revenue goals, one based on political goals and an inclusive model which supposes that the level of underpricing depends on both government revenue goals and political goals. These models are estimate…
Just give me a number!” Practical values for the social discount rate
A major reason the quality of cost‐benefit analysis (CBA) varies widely is inconsistent use of the social discount rate (SDR). This article offers guidance about the choice of the SDR. Namely, we recommend the following procedures: If the project is intragenerational (does not have effects beyond 50 years) and there is no crowding out of private investment, then discount all flows at 3.5 percent; if the project is intragenerational and there is s…
Public–private partnerships in the US and Canada: “There are no free lunches”
Governments in many industrialized nations have made concerted efforts to reduce their immediate expenditures and to reduce the cost of major infrastructure projects. Public–private partnerships (P3s) are one emerging method that might do so. Despite the increased use of P3s, there is little independent research on the effectiveness of P3s as a public policy instrument. This article considers the major rationales for P3s, including cost savings a…
Metachoice in policy analysis
Many national governments now mandate some form of ex ante evaluation of policy alternatives. But, evidence suggests that both policy analysts and their political and bureaucratic clients have difficulty doing this form of policy analysis evaluation. To conduct effective ex ante evaluation of alternatives, analysts and decision-makers must first choose the choice method class – metachoice. This paper presents an explicitly normative metachoice fr…
Public—Private Partnerships: Eight Rules for Governments
This article provides eight rules for government concerning the administration of public—private partnerships (P3s). The basis for these rules draws on transaction cost economics. First, however, the article provides some background on alternative modes for the provision of infrastructure and their associated transactions costs. Second, it outlines a positive theory perspective of P3s that takes into account the divergent goals of the partners in…
Public‐private partnerships in Canada: Theory and evidence
This article develops some theory on and examines the implementation and performance of Canadian public‐private partnerships (P3s). It focuses primarily on infrastructure projects and addresses three questions: 1) What goals do governments expect to achieve through P3s? 2) How effective are P3s likely to be at delivering value to governments and citizens? 3) What lessons can be derived from the use of P3s? The article reviews the government's int…
A Cost-Benefit Analysis of the Privatization of Canadian National Railway
This article uses cost-benefit analysis to estimate the welfare gains from the privatization of Canadian National Railway (CN) in November 1995, one of the largest rail privatizations in history. It also shows how these gains have been distributed among consumers, producers, and government, and between Canadians and non-Canadians. The article uses the costs of Canadian Pacific Railway to create a more credible comparison than in previous privatiz…
International Handbook on Public–Private Partnerships
In this timely Handbook, leading scholars from around the world explore the challenges presented by infrastructure PPPs, and contemplate what lies ahead as governments balance the need to provide innovative new infrastructure against the requirement for good public governance. This Handbook builds on a range of exciting theoretical lenses that span several disciplinary boundaries. It presents innovative insights and informed perspectives from an …
The Social Discount Rate for Canada Based on Future Growth in Consumption
Recent interim guidelines of the Treasury Board Secretariat (2007) recommend a social discount rate (SDR) of 8 percent. This paper argues that this value is based on an inappropriate methodology and is too high. Using a consumption rate of interest and drawing on a growth model, we suggest that if a project is intragenerational (less than 50 years) and there is no crowding out of private investment, then analysts should use an SDR of 3.5 percent.…
A Benefit-Cost Analysis of Private and Semi-Private Hospital Rooms
The design of new hospital inpatient rooms is moving towards private (single occupancy) rooms. These rooms are generally preferred by patients and they may improve patient care, but they are more expensive to build and to staff than semi-private rooms. The question of their societal worth is important because hospitals are expensive, long-term investments and, once built, are prohibitively expensive to change. This paper presents a benefit-cost a…
The Political Economy of Public‐private Partnerships and Analysis of Their Social Value
This article applies political economy theory to public‐private partnerships (PPPs). First, we propose that social welfare is the appropriate normative evaluation criterion to evaluate the social value of PPPs. Second, we specify the goals of PPP participants, including private‐sector partners and governments. Third, we review the observed outcomes of PPPs and analyze them from both a political economy perspective and a social welfare perspective…
More appropriate discounting: The rate of social time preference and the value of the social discount rate
Recently, a number of authors, including Burgess and Zerbe, have recommended the use of a real social discount rate (SDR) in the range of 6–8% in benefit-cost analysis (BCA) of public projects. They derive this rate based on the social opportunity cost of capital (SOC) method. In contrast, this article argues that the correct method is to discount future impacts based on the rate of social time preference (STP). Flows in or out of private investm…
The choice of the social discount rate and the opportunity cost of public funds
The decades-old literature on the correct method for choosing and estimating a social discount rate (SDR) has resulted in two, largely opposing viewpoints. This note seeks to clarify the key sources of disagreement between these two camps. One view advocates that the choice should be based chiefly on the social opportunity cost of the return to foregone private capital investment (SOC), and suggests a SDR of around 7%. The other viewpoint, expres…
The Theory and Evidence Pertaining to Local Government Mixed Enterprises
This paper addresses some of the gaps in both classification and theory pertaining to local government MEs and presents tentative predictions concerning the performance of local MEs. As a preliminary, we identify the different forms of entities with ME characteristics and place them within a comprehensive taxonomy. Most local MEs provide local public goods. Consequently, their primary goal should be to improve social welfare. This goal should dri…
Cost–Benefit Analysis
Cost-Benefit Analysis provides accessible, comprehensive, authoritative, and practical treatments of the protocols for assessing the relative efficiency of public policies. Its review of essential concepts from microeconomics, and its sophisticated treatment of important topics with minimal use of mathematics helps students from a variety of backgrounds build solid conceptual foundations. It provides thorough treatments of time discounting, deali…
Comparative Analyses of Infrastructure Public-Private Partnerships
Infrastructure public–private partnerships, also known as PPPs or P3s, continue to be a fascinating aspect of public policy around the globe. It has been more than two decades since John Major’s go
Risk in Public Sector Project Appraisal: It Mostly Does Not Matter
Public project appraisal using cost-benefit analysis (CBA) requires analysts to project risky net benefits and to convert these into present values using a social discount rate (SDR). We consider which types of risk matter for CBA. For small projects with only idiosyncratic risks, expected net benefits should be discounted at a risk-free SDR. If projects are large or expected net benefits are correlated with aggregate consumption, the alternative…
Economics (19 works) · Business (15 works) · Fiscal Policy and Economic Growth (14 works) · Political science (14 works) · Microeconomics (11 works) · Cost–benefit analysis (10 works) · Finance (10 works) · Computer Science (9 works) · Public economics (9 works) · Economic and Environmental Valuation (8 works)