Cost Benefit Analyses versus Referenda
研究一个社会规划者在选择公共政策时，全民公决与成本效益分析哪种方式能带来更高福利。发现在共同价值环境下全民公决更优，私人价值环境下成本效益分析更优。
We consider a planner who chooses between two public policies and ask whether a referendum or a cost benefit analysis leads to higher welfare. We find that a referendum leads to higher welfare than a cost benefit analysis in a "common value" environment. Cost benefit analysis is better in a "private value" environment. (c) 2010 by The University of Chicago. All rights reserved.