An Exploration of Three Decades of Research on BibliometricMapping of Cost-benefit Analysis

Seraphina Moss^*
*Correspondence: Seraphina Moss, Department of Economics and Trade, University of Gabes, Gabes 6029, Tunisia, Email:

Keywords

Bibliometric mapping • Cost-benefit analysis • Decision-making

Introduction

Cost-Benefit Analysis (CBA) stands as a fundamental tool in evaluating the efficiency and feasibility of policies, projects, and interventions across diverse sectors. Over the last three decades, scholarly interest in CBA has surged, prompting extensive research and exploration of its methodologies, applications, and implications. This article aims to scrutinize the body of literature on CBA through the lens of bibliometric mapping, shedding light on its evolution, key thematic areas, and interdisciplinary connections. The bibliometric analysis traces the trajectory of CBA research from the late 20^th century to the present, examining publication trends, influential authors, and prolific journals in the field. The analysis reveals the exponential growth of publications, indicating the increasing significance and relevance of CBA in academia and policymaking circles. Pioneering works by notable researchers, along with the emergence of specialized journals, have contributed to the expansion and consolidation of CBA literature [1].

Literature Review

Exploring the thematic landscape of CBA research unravels its interdisciplinary nature and multifaceted applications. The analysis identifies key themes such as environmental economics, public policy, healthcare, infrastructure development, and social welfare, showcasing the diverse domains where CBA has made substantial contributions. Moreover, the study unveils the interconnectedness of CBA with fields like economics, environmental science, public administration, and engineering, highlighting the cross-disciplinary collaborations fueling CBA research. An examination of methodological approaches employed in CBA research elucidates the evolution of techniques used to assess costs, benefits, and decision-making frameworks. From traditional quantitative models to emerging qualitative and mixed-method approaches, CBA literature reflects the dynamic evolution of methodologies aimed at capturing the complexities of real-world scenarios. Citation analysis reveals influential works and their impact on shaping subsequent research directions, showcasing the intellectual lineage within the CBA domain [2].

The influence of CBA research on decision-making processes in government, business, and academia is profound. Through evidencebased analysis, CBA has informed policy formulation, project prioritization, and resource allocation strategies across various sectors. The integration of CBA principles into decision-making frameworks underscores its significance in fostering efficient resource utilization and societal welfare enhancement. Despite its contributions, CBA encounters challenges related to data availability, methodological complexities, and ethical considerations. Future research avenues involve addressing these challenges, enhancing methodological robustness, incorporating dynamic modeling techniques, and fostering interdisciplinary collaborations to tackle complex societal issues [3].

Discussion

The landscape of CBA methodologies has evolved significantly over the past three decades. Traditional quantitative approaches, focusing on monetary valuation of costs and benefits, have been augmented by qualitative and mixed-method frameworks. This integration has allowed for a more comprehensive assessment, considering non-monetary factors, such as social impacts, environmental sustainability, and intangible benefits. Emerging trends also encompass the incorporation of behavioral economics and risk analysis techniques into CBA, aiming to capture uncertainties and human behavior in decision-making processes. The interdisciplinary nature of CBA research is evident in its collaboration with various fields [4]. For instance, the intersection of economics with environmental science has fostered research on environmental CBA, evaluating the economic impact of environmental policies and projects. Similarly, collaborations between health economics and public policy have led to advancements in healthcare CBA, assessing the costs and benefits of healthcare interventions. These cross-disciplinary connections signify the synergy between diverse fields in addressing complex societal challenges through CBA [5].

Technological advancements, particularly in data analytics and computational modeling, have revolutionized CBA research. Big data analytics enable the extraction of insights from large datasets, facilitating a more nuanced understanding of costs and benefits. Furthermore, advancements in simulation and modeling techniques allow for scenario-based analysis, enabling decision-makers to assess the potential outcomes of different policy choices or project alternatives, thereby enhancing the robustness of CBA. The adoption and application of CBA vary across regions due to contextual differences, regulatory frameworks, and socio-economic factors. While developed nations often have well-established CBA practices integrated into policy formulation, emerging economies are increasingly recognizing the importance of CBA in decision-making processes. Exploring these regional variances sheds light on the challenges and opportunities faced in implementing CBA across different socio-economic landscapes, emphasizing the need for adaptable and contextspecific approaches [6].

Conclusion

Ethical considerations play a pivotal role in CBA, especially concerning the valuation of human lives, social welfare, and environmental impacts. Stakeholder engagement and participatory approaches in CBA have gained traction, ensuring the inclusion of diverse perspectives in decision-making processes. Ethical frameworks that emphasize transparency, equity, and inclusivity are imperative in guiding CBA practices and mitigating biases or value judgments inherent in evaluation processes. The comprehensive bibliometric mapping of three decades of CBA research showcases its evolution, interdisciplinary connections, thematic richness, methodological diversity, and impact on decision-making. As CBA continues to evolve, interdisciplinary collaborations and methodological advancements will further enhance its efficacy in informing policy decisions and shaping a more efficient and equitable society.

Acknowledgement

None.

Conflict of Interest

None.

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