1. Chapter 0 Organization session ECON 4120 Applied Welfare Econ & Cost Benefit Analysis Memorial University of Newfoundland

2. INTRODUCTION  The prof  The students  The material  The textbooks  The aids  The way to do it right!  The grading

3. The Prof: Rober Martinez-Espineira “Rober” email: rmartinezesp@mun.ca AA 3087 E-mail only from your MUN account!!!

4. The Prof:  Office hours (posted on-line and on my office door): TUE 2:00-3:30 and 5:00-6:00 THU 1:30-3:30 or by appointment

5. The students  Names?  Why are you here?  What are you going to do next?  When did you take Microeconomics last?

6. The objectives  Cost Benefit Analysis  Improving your knowledge about Welfare Economics and the ethical and normative foundations of Economics  To equip you with the skills needed to interpret and advise on basic cost-benefit analysis  To improve your capacity to critically assess instances of public policy

7. The objectives  understand the principles behind the theory of market failure and its regulation  interpret basic empirical examples of cost-benefit analysis and communicate the results of the to stakeholders  critically assess the advantages and limitations of using cost- benefit analysis to inform public policy  determine when a cost benefit analysis may be performed in a meaningful way  perform basic project analyses  identify limitations in modeling assumptions, data, or political concerns that may compromise the validity of a cost- benefit analysis study

8. The textbooks  Boardman, Anthony E., David H. Greenberg, Aidan R. Vining, and David L. Weimer. Cost- Benefit Analysis: Concepts and Practice. 3rd ed., (Upper Saddle River, NJ: Pearson Prentice Hall, 2006)

9. The textbooks  We will use other books from time to time and suggest additional readings

10. The aids  course outline and online course schedule on website  PowerPoint presentations and or class notes online  Home assignments

11. The aids  Check your e-mails and website frequently  We will be working little by little but continuously  There will be frequent assignments

12. The way to get it right  Reading the chapters before coming to class  Taking useful notes in class or annotating over the printouts from my website  Going back to the book and the readings after the class  Coming to see me to solve doubts  Doing the home assignments

13. The way to get it right  There is no way to pass this on swoting  Trying to catch up on the last two weeks is not going to work  The way to understanding the material is by doing the reading as we learn it  Ask me if you need help!

14. The grading system  2 quizzes 25% (Your worst quiz will be 10% and the best quiz will be 15%)  Home assignments15%  Essay15%  Final exam45% If you miss a quiz, the weight will be reallocated towards the final exam. Late submissions of assignments will be penalized at the rate of 10% per day up to the day when the solutions are posted.

15. Questions?  Any questions?  Any suggestions?  Any complaints?

16. NEXT  Introduction to CBA and Welfare Economics  Get the book and read the first chapter