Cost-Effectiveness Analysis: Methods and Applications

Front Cover

This Second Edition of Cost-Effectiveness Analysis continues to provide the most current, step-by-step guide to planning and implementing a cost analysis study.

Henry M. Levin and Patrick J. McEwan use detailed and varied examples from studies and articles, ranging from education to public health, to introduce the principles and practice of cost-effectiveness analysis. The authors take account of both the costs and the effects of selecting alternatives, and suggest methods of minimizing the costs of research. New to this edition: expanded coverage of cost effectiveness from types of technique to use, to how to interpret the data; the latest information on cost benefits analysis and how to relate it to outcome measures; in-depth chapter-end exercises to enable readers to sharpen their ability to evaluate policy options and program effectiveness; feedback appendix for readers to evaluate their responses to exercises; comprehensive bibliography of methodological sources on cost analysis and educational settings grouped by category.

This thorough volume primes the reader to deal with any evaluation situation by studying cost-effective analysis in relation to cost-benefit analysis, cost-utility analysis, and cost-feasibility analysis.

 

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Contents

List of Examples xi
xv
1 The Perils of Ignoring Costs
xx
1 Costs Effects and CostEffectiveness Ratios for Primary
14
4 A CostBenefit Analysis of DropOut Prevention
16
6 A CostFeasibility Analysis of National
24
5 A Summary of Four Approaches to Cost Analysis
27
Establishing an Analytic Framework
31
1 Assessing Primary and Secondary Audiences
38
2 A CostEffectiveness Analysis of Two Math Curricula
134
4 An Application of Multiway Sensitivity Analysis
144
Summary
151
1 A CostBenefit Analysis of
164
3 How Much Is It Worth to Attend
173
Discounting Benefits
174
Accounting for Uncertainty
181
4 The Rate of Return to Additional Years of Schooling
182

The Concept and Measurement of Costs
43
1 Why Should Volunteers Be Considered
50
2 A Cost Analysis of the Perry Preschool Program Part
64
1 Annualization Factors for Determining Annual Cost
68
2 A Cost Analysis of the Perry Preschool Program Part
72
Notes
76
1 Determining Who Pays the Costs
84
2 Annualized Costs for a Hypothetical Program
86
2 Estimating Program Costs When a Program
96
Summary
103
1 Measures of Effectiveness Used
110
Methods of Establishing Effectiveness
115
1 Evaluation Designs for Estimating
126
Discounting Effects
129
CostUtility Analysis
189
1 A Simple Multiattribute Utility Function
193
Methods of Assessing SingleAttribute Utility Functions
194
Methods of Assessing Importance Weights
201
2 QualityAdjusted LifeYears in Health Research
204
Discounting Utility
212
3 A CostUtility Analysis of Special Education
213
1 Making Decisions With CostEffectiveness Findings
226
3 A CostEffectiveness League Table
242
Appendix A
249
Appendix B
265
References
285
Index
299
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About the author (2000)

Henry M. Levin is the Director of the Center for Benefit Cost Studies in Education, the William H. Kilpatrick Professor of Economics and Education at Teachers College, Columbia University, and the David Jacks Professor of Higher Education and Economics, Emeritus, at Stanford University. He has been engaged in cost-effectiveness and benefit-cost studies in education and other fields since 1970. He is the author of 22 books and about 300 scholarly articles on these topics as well as others in the economics of education and educational policy.

Patrick J. McEwan is a Professor of Economics at Wellesley College and the Director of Latin American Studies at Wellesley College. His research interests include the impact and cost evaluation of education and social policy in Latin America, especially Chile and Honduras. His work has been published in the American Economic Review, the Journal of Public Economics, Educational Evaluation and Policy Analysis, and other journals of economics and education policy. For more information on his research, visit www.patrickmcewan.net.

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