Cost-Benefit Analysis at a Crossroads: The New World Bank and Asian Development Bank Guidelines on Ecc Analysis of Investments

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The World Bank and the Asian Development Bank are revising their respective Guidelines for Ecc Analysis of Investments in response to a changed ecc environment. Organization and management changes are also occurring as the banks attempt to both reduce the budget and improve project quality. These changes have implications for the consultants who increasingly conduct the banks project appraisals. The new guidelines generally encourage the use of a willingness-to-pay nurneraire expressed at the domestic price level and a shadow exchange rate, This article addresses the distribution of project impacts in distribution tables rather than using income weights.

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