An application of cost-benefit analysis to management education
Abstract
This paper develops a theoretical framework for the application of cost
benefit analysis to management education in developing countries. Social
returns are estimated through a combination of the import substitution
and income creation approaches, both of which are considered in the
evaluation of investment. The cost-benefit analysis of a major national
project in India within this framework shows that its educational pro
gram has a positive net present value even at a social discount rate as
high as 13 percent. The net returns appear to be quite sensitive to the
values assigned to the foreign exchange rate, discount rate, and price
elasticity.
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