Cost-benefit analysis is a key component in the evaluation of economic development strategies. In this new, updated version of his earlier book, Project Appraisal for Developing Countries, Robert Brent provides a comprehensive and accessible introduction to recent developments in project appraisal. The aim of Cost-Benefit Analysis for Developing Countries is to interpret, expand and evaluate the principles of project appraisal using the approach recommended by the World Bank. Robert Brent challenges a number of their findings, particularly through the inclusion of the 'numbers effect', the number of people affected by a development project, as a separate social objective. The book is based on a combination of sound economic theory and extensive empirical research, and case studies are used throughout to illustrate the theory. The author analyzes, from an applied perspective, the most recent developments in project appraisal. He discusses key issues such as: structural adjustment lending investment criteria the basic needs approach shadow and market prices the social discount rate risk analysis Cost-Benefit Analysis for Developing Countries will be essential reading for students with an interest in development economics, development studies, public policy and comparative economic systems as well as policy makers and practitioners in international organizations and developing countries.