The expectation that the government will respond to future circumstances, say bailing out a dictator to avoid a bloodbath, or raising taxes on immovable capital investments, often hinders the establishment of appropriate incentives for efficient behavior. The government's dilemma, simply, is...

Restricted research budgets, expanding claims for resources, and steeply escalating costs have increased the demand for methods that establish or predict the efficiency or productivity of expenditures on basic research. Irvine and Martin (I-M) have recently advocated head-to-head efficiency...

This article examines an area of cost-benefit methodology which has come under increasing philosophical scrutiny in recent years: the appropriate treatment of individuals' preferences. We illustrate some of the difficulties involved in assessing preferences in the context of a concrete example:...

Economic forecasts play an increasing role in U.S. budgetary and fiscal policies. This paper analyzes the accuracy and bias of economic forecasts prepared by the Executive Branch and Congress. Short-run forecasts by the Executive Branch for the forthcoming year do not appear biased. They are as...

Human activities are causing a steady increase in the concentration of infrared absorbing trace gases in the atmosphere. The buildup of these gases is causing a global warming that will dramatically alter regional climate patterns. Increases in sea level, changes in the patterns of winds and...