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Cost Benefit vs Well Being Analysis: Managerial Economics

Need help because I am having a hard time putting this together. Can you please help me with this article review?

Here are the topics:
- Game Theory and Competitive Strategy
- Regulation, Public Goods and Benefit-Cost Analysis
- Decision Making Under Uncertainty
- The Value of Information
- Asymmetric Information & Organizational Design
- Bargaining and Negotiation

Choose a peer-reviewed, scholarly article from the Myers Library online databases. Write a review and reaction paper on that article. Your paper should include a summary of the article, as well as your reaction to it. Consider aspects of the article that you agree with as well as those that you disagree with. Describe anything that you found particularly surprising or interesting, as well.

Potential Sources:
Market Structure and Competition in the Retail Discount Industry:
By: Zhu, Ting; Singh, Vishal; Manuszak, Mark D. Journal of Marketing Research (JMR). Aug2009, Vol. 46 Issue 4, p453-466. 14p. 7 Charts, 1 Map. DOI: 10.1509/jmkr.46.4.453.

Repositioning Dynamics and Pricing Strategy:
By: Ellickson, Paul B; Misra, Sanjog; Nair, Harikesh S. Journal of Marketing Research (JMR). Dec2012, Vol. 49 Issue 6, p750-772. 23p. 6 Black and White Photographs, 12 Charts. DOI: 10.1509/jmr.11.0068.

Oligopolistic Pricing with Online Search:
By: Xu, Lizhen; Chen, Jianqing; Whinston, Andrew. Journal of Management Information Systems. Winter2010, Vol. 27 Issue 3, p111-142. 32p. 1 Diagram, 2 Charts, 2 Graphs.

By: MARKMAN, GIDEON D.; GIANIODIS, PETER T.; BUCHHOLTZ, ANN K. Academy of Management Review. Jul2009, Vol. 34 Issue 3, p423-441. 19p. 3 Diagrams, 1 Chart. DOI: 10.5465/AMR.2009.40632072.

By: Robinson, Lisa A. Duke Law Journal 2013/05/01, Vol: 62, p1717

Are Public Employees Overpaid?
By: Keefe, Jeffrey. Labor Studies Journal. Mar2012, Vol. 37 Issue 1, p104-126. 23p. DOI: 10.1177/0160449X11429263.

Solution Preview

Cost-Benefit vs. Well-Being Analysis:

Cost-benefit analysis, also called benefit-cost analysis, is the process of systematically calculating and comparing benefits and costs of a proposal or project to determine if it is a sound investment, and to see how it compares with other proposals. Samuelson (2012) points out that cost benefit analysis is used by businesses and governments to determine the expected balance of benefits and costs, "including an account of foregone alternatives (i.e. opportunity cost) in order to predict whether the benefits of a policy outweigh the costs of that policy and by how much" (Samuelson, 2009). Cost-benefit analysis is performed so that projects are selected that lead to an increase in social welfare. It is important to note that in cost-benefit analysis, benefits and costs are expressed in money terms, with all costs expressed based on their present value. Bronsteen, Buccafusco, and Masur (2013) suggest converting items such as quality of life into dollar figures might create "significant systemic errors" (Bronsteen, Buccafusco & Masur, 2013). Their article proposes using well-being analysis to avoid a reliance on predictions. This paper will analyze the benefits of this approach as well as compare and contrast well-being analysis to cost-benefit analysis.

Bronsteen, Buccafusco, and Masur's article, 'Well -Being Analysis vs. Cost-Benefit' criticizes the practice of cost-benefit analysis and proposes an alternative method, which the authors have labeled a "well-being analysis." Bronsteen, Buccafusco, and Masur suggest that it would be more logical to analyze the "effect of costs and benefits on people's quality of life" (Bronsteen, Buccafusco & Masur, 2013) rather than asking people how much people are willing to pay for goods, and converting their answers into dollar ...

Solution Summary

This detailed solution looks at a peer-reviewed scholarly article about cost benefit versus well being analysis. It provides a summary of the article and a reaction to the article, and includes analysis of different aspects of the paper. Includes APA formatted references.