The Overall Picture for Benefit-Cost Analysis for Illicit Drugs in Research Paper

The Overall Picture for Benefit-Cost Analysis for Illicit Drugs in General and for Cocaine and Heroin - Research Paper Example Rosen (1995) emphasised on the mathematics part of benefit-cost assessments. At the same time, he also emphasised that instead of benefit-cost assessments, cost-effectiveness may be the better approach to use for some projects or decisions involving intangibles. Stiglitz (2000) proposed a set of principles for measuring non-monetized costs and benefits. He prescribed a set of techniques for valuing time, life, and another alternative method of valuation (2000, p. 278-283). Rather than conceding on the concepts of â€Å"intangibles†, it seems that Stiglitz emphasised on monetisation end emphasised that the concept of benefit-cost analysis is â€Å"developing systematic ways of analyzing costs and benefits when market pride do not reflect social costs and benefits† (2000, p. 274). In 1998, the Risk and Policy Analysis Limited prepared a document for the European Commission elaborating on the techniques of benefit-cost assessment. The document is used for policy and propos als evaluations. We are guided by the said materials as we explore on the benefit-cost assessment of legalising the use of cocaine and heroin. As pointed out by the Matrix Knowledge Group (2007), the drug supply chain covers several continents. This is also discussed in Fox and Albertson (2010, Lecture 1 Slide 18). The drug supply chain includes the dealers who bring the drugs into the UK from overseas, the dealers who distribute the drugs at the national level or the dealers who buy the drugs in one city and sell it in another (Matrix Knowledge Group 2007, p. 17).