ABSTRACT
The objective of this chapter is to identify the welfare weights to be used for project appraisal within the context of multi-level government investment policies. The analysis is in two sections. The first is devoted to summarizing the current stateof-the-art of the theory of welfare weights. Here, in particular, the focus will be on definitions, key elements, rules, and methods concerned with welfare weights. The second section will be devoted to identifying the welfare weights in multi-level government. This second section focusses first, on the EU Cohesion Policy (ECP), and then considers the key differences with the US Federal Investment Policies.
Definition
