RES-ECON 471/471HH: Cost Benefit Analysis

Example syllabus only – exact content subject to change. Please see your instructor’s syllabus for the current term for your specific course’s guidelines

Spring 2026
Lecture: MW 2:30–3:45 PM
Format: In person
Location: Holdsworth 305
Course Website: Available on Canvas

Instructor & TA

Instructor: Christine L. Crago
Email: [email protected]
Phone: (413) 545-5738
Office: 216 Stockbridge
Office Hours: M 1:00–2:00 PM and by appointment

TA: Dan Ai
Email: [email protected]
Office: 410 Stockbridge
Office Hours: Tu 12:00–1:00 PM and by appointment

Course Objective and Description

The objective of this course is to introduce you to the economic foundations of cost-benefit analysis and equip you with the tools necessary to conduct cost-benefit analysis (CBA). At the end of this course, you will have the skills to independently conduct CBA.

CBA is widely used to evaluate a diverse array of public programs including environmental and other types of regulations, resource management alternatives, and a range of public spending programs in the areas of transportation, urban renewal, public health, and education.

The skills you will learn to conduct CBA such as discounting, predicting and monetizing project impacts, and accounting for risk and uncertainty are broadly applicable to decision making in the public and private sector and in everyday life.

Integrative Experience

This course satisfies the General Education Integrative Experience requirement for Resource Economics majors when taken with Res-Econ 394LI.

The Integrative Experience (IE) requirement at UMass Amherst addresses the challenges associated with educational fragmentation. Positioned in the upper-division, the IE provides students with a structured opportunity to look back on their early college learning experiences, reflect upon and make connections between those earlier experiences and the more advanced work in their major, and use their integrated learning to prepare for the demands of the world beyond the University.

In this course, you will have the opportunity to reflect on prior GenEd and Resource Economics courses by engaging with current issues related to the benefits and costs of environmental and natural resource policies in the context of class discussions, homework assignments, and a team project.

In this class, you will practice the following two criteria of IE:

• The team project will offer you a shared learning experience with your project teammates for applying your prior learning here at UMass Amherst to a real-world issue related to natural resources and the environment and presenting your analysis to class to stimulate discussion.
• You will have the opportunity to practice GenEd learning objectives of critical thinking, collaboration, and interdisciplinary perspective-taking by participating in class discussions and through your team research project.

Mapping Department of Resource Economics Learning Objectives and Experiential Goals to Resource Economics 471

Course Materials

Optional textbook:
Cost-Benefit Analysis: Concepts and Practice (5th Edition). 2018.
Anthony E. Boardman, David H. Greenberg, Aidan R. Vining, and David L. Weimer.
Pearson Education, Inc.

Recommended reference:
Introduction to Public Policy. 2010. Charles Wheelan. W.W. Norton & Company.

Additional readings will be posted on the course website.

Course Policies

Grading

The final grade will be calculated as follows:

Exam 1 – 20%
Exam 2 – 20%
Problem Sets – 20%
Group Project – 20%
Class Participation, Quizzes and Case Study Reports – 20%

Final letter grades will be given according to the following:

Accommodation Policy

The University of Massachusetts Amherst is committed to making reasonable, effective, and appropriate accommodations to meet the needs of students with disabilities and help create a barrier-free campus. If you have a disability and require accommodations, please register with Disability Services, meet with an Access Coordinator in Disability Services, and send your accommodation letter to your faculty. Information on services and registration is available on the Disability Services website: https://www.umass.edu/disability/

Academic Honesty Policy

UMass Amherst is strongly committed to academic integrity, which is defined as completing all academic work without cheating, lying, stealing, or receiving unauthorized assistance from any other person, or using any source of information not appropriately authorized or attributed. As a community, we hold each other accountable and support each other’s knowledge and understanding of academic integrity. Academic dishonesty is prohibited in all programs of the University and includes but is not limited to: cheating, fabrication, plagiarism, lying, and facilitating dishonesty, via analogue and digital means. Sanctions may be imposed on any student who has committed or participated in an academic integrity infraction. Any person who has reason to believe that a student has committed an academic integrity infraction should bring such information to the attention of the appropriate course instructor as soon as possible. All students at the University of Massachusetts Amherst have read and acknowledged the Commitment to Academic Integrity and are knowingly responsible for completing all work with integrity and in accordance with the policy: https://www.umass.edu/senate/book/academic-regulations-academic-integrity-policy

Attendance Policy

Attendance in every class is strongly encouraged and is part of your class participation grade. While attendance is not required, you may miss valuable learning opportunities, graded quizzes and group activities if you are absent.

Absences and Late Work

Please provide documentation when asking for accommodation for missed classwork due to absence. Late work will be accepted with a penalty of 5% for every day past the deadline, up to one week. Homework submitted one week after the due date will not be accepted. Missed Exams. Make-up exams will only be given to students with a valid and documented excuse for absence.

EID Statement

I am committed to fostering a learning environment that is equitable, inclusive, and diverse. I believe that perspectives from people of different backgrounds and identities enrich academic dialogue. If there is any way that I can enhance your learning experience and your ability to succeed in this course, please let me know.

Generative AI

The use of artificial intelligence (AI) tools including but not limited to ChatGPT in written assignments and problem sets is not allowed. Violations will be pursued according to the procedures outlined in the Undergraduate Rights and Responsibilities Handbook: http://www.umass.edu/dean_students/codeofconduct/

Technology

Use of cell phones is not permitted during lecture hours. Laptops may be used for taking notes; surfing the web during class hours is strongly discouraged.

Title IX Statement

In accordance with Title IX of the Education Amendments of 1972 that prohibits gender-based discrimination in educational settings that receive federal funds, the University of Massachusetts Amherst is committed to providing a safe learning environment for all students, free from all forms of discrimination, including sexual assault, sexual harassment, domestic violence, dating violence, stalking, and retaliation. This includes interactions in person or online through digital platforms and social media. Title IX also protects against discrimination on the basis of pregnancy, childbirth, false pregnancy, miscarriage, abortion, or related conditions, including recovery. There are resources here on campus to support you. A summary of the available Title IX resources (confidential and non-confidential) can be found at the following link: https://www.umass.edu/titleix/resources. You do not need to make a formal report to access them. If you need immediate support, you are not alone. Free and confidential support is available 24 hours a day / 7 days a week / 365 days a year at the SASA Hotline: 413-545-0800

Important Dates

Feb 4 – Last day to add or drop class with no record
Feb 16 – President’s Day, no class
Feb 17 (Tue) – Monday class schedule will be followed
Mar 16–20 – Spring break
April 2 – Last day to drop with “W”
April 20 – Patriot’s Day, no class
May 6 – Last class meeting

Honors Section (H471, 1 credit)

Students enrolled in the Honors section of ResEcon 471 will work with the professor throughout the semester to define a research topic based on a current environmental issue and conduct an analysis related to the topic using the tools of Cost Benefit Analysis. The requirement is to submit a term paper based on the students’ research and analysis. The professor will provide specific guidelines for the term paper.

Course Requirements

To be successful in this course and take full advantage of the learning opportunities in class, I encourage you to come to class prepared and ready to participate in class discussions. As part of the course requirements, you will take two in-class exams, submit three problem sets, and submit a group project that applies concepts discussed in class. Detailed descriptions of these assignments will be on the course website.

Lecture Topics, Readings, and Tentative Schedule¹

Additional readings may be posted on the course website.

¹ Refer to Canvas course website for up-to-date information on class schedule.