Define the best way to estimate the value of time

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Reference no: EM136168

Prescribing Policies

Preparation

•Review Chapters 1 and 5.

•Read Review Question 8.

•Review Figure 5.2 Cost-effectiveness comparisons using four (4) criteria of adequacy.

•Review Case 1.1: Saving Lives and Saving Time

•Read Case 5.1: Opportunity Costs of Saving Lives ? The 55 mph Speed Limit.

•Read the Demonstration Exercise.

•Explore transportation policies of at least three (3) states. (Note: Websites such as: U.S. Department of Transportation or the U.S. Environmental Protection Agency

Write five to six (5-6) page paper in which you:

1. Determine the following prior to deciding a prescription (a) maximize effectiveness at the least cost (b) maximize effectiveness at a fixed cost of $10,000 (c) achieve a fixed-effectiveness level of 6,000 units of service at a fixed cost of $20,000 (d) maximize net benefits, assuming that each unit of service has a market price of $10 (e) maximize the ration of benefits to costs, assuming that each unit of service has a market price of $10.

2. Determine which of the two chief programs (Program I and Program II) should be selected under each of these criteria. Justify your position.

3. Explain the conditions under which each criterion may be an adequate measure of the achievement of objectives.

4. Define the assumptions that govern estimates of the value of time lost driving, indicating which assumptions (if any) are more tenable than others. Justify your position.

5. Define the best way to estimate the value of time. Justify your position.

6. Define the best way to estimate the cost of a gallon of gasoline. Justify your position.

7. Define the more reliable method to estimate driving speeds and miles per gallon by using (a) official statistics on highway traffic from the Environmental Protection Agency or by using (b) engineering studies of the efficiency of gasoline engines by the Department of Energy. Deliberate any consequences of using one source rather than another. Justify your position.

8. Estimation the value of a life saved. Justify your position.

9. Define which policy is preferable (a) the 55-mph speed limit or (b) the 65-mph limit. Explain your position.

10. Provide at least two (2) academic or government resources to support your views.

Your assignment should follow these formatting requirements:

•Be typed, double spaced, using Times New Roman font (size 12) with one-inch margins on all sides citations and references must follow APA or school-specific format. Consider with your professor for any additional instructions.

•Comprise a cover page containing the title of the assignment, the student's name, the professor's name, the course title and the date. The cover page as well as the reference page are not included in the required assignment page length. The specific course learning outcomes accompanying with this assignment are:

•Recommend policy substitutes to deal with a specific problem.

•Examine the nature, characteristics, models and methods pertinent to the structuring of policy problems.

•Compare as well as contrast approaches and techniques for prescribing preferred policies.

•Use technology as well as information resources to research issues in policy analysis and program evaluation.

•Write clearly as well as concisely about policy analysis and program evaluation using proper writing mechanics. Grading for this assignment will be based on answer quality, logic / organization of the paper and language and writing skills using the following rubric.

Reference no: EM136168

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