Benefit‐Cost Ratios for Projects in Multiple Objective Investment Programs

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Abstract
Investment programing for multiple objectives rather than simply for the traditional water resource investment objective of increasing the national income has become an important new element in water resources planning in the United States. Reference is made to current multiple objective planning efforts, and the relevant theory is briefly explained. The benefit‐cost ratio appropriate to projects in multiple objective programs is presented, and it is shown how this ratio differs from the ratios required by current federal instructions, which do not allow agencies to reflect accurately the interaction of social preferences and investment opportunities. A change in the federal instructions is recommended.

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