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This thoroughly updated second edition incorporates key ideas and discussions on issues such as wider economic impacts, the treatment of risk and the importance of institutional arrangements in ensuring the correct use of technique. Ginés de Rus considers whether public decisions, such as investing in high-speed rail links, privatizing a public enterprise or protecting a natural area, may improve social welfare. Key features include: A comprehensive overview of the philosophy of the Cost-Benefit Analysis approach to appraisal to engage students with a basic model for informing responsible decision-making Expert blending of relevant case studies with insightful analysis, enabling students to see the model's application to real-world scenarios An accessible and readable style, which encourages classroom discussions as well as insights for the practical application of this economic tool. Introduction to Cost-Benefit Analysis is an ideal textbook for graduate and advanced undergraduate students of economics, engaging with important ideas and the latest thinking in the field. It will also benefit economists and practitioners involved in the economic evaluation of projects.