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<br />. <br /> <br />. <br /> <br />economic attractiveness of the selected alternative as <br /> <br />pUblic investment options, without regard for the size <br />of the investment required, the availability of other <br />options, or possible budget constraints. <br /> <br />Measurement Standards <br /> <br />," <br />The economic evaluations to be performed shall deal <br />exclusively with those direct~~effects/whiCh consi&t oE- <br />cnanqea in markl>1-ed-gooas-and,-se,r-v.i-aes.. The "with and without" <br />approach to estimating project effects will be used throughout, <br />The non-marketed and therefore unpriced, effects of such projects <br />will not be taken into account in these economic evaluations, <br /> <br />It is recognized that techniques do exist for imputing <br /> <br /> <br />monetary values to certain classes of non-marketed effects, Such <br /> <br /> <br />techniques will not be used because of budgetary limitations. <br /> <br /> <br />Similarly, techniques are available for estimating the indirect <br /> <br />benefits and cost of proposed projects. The costs of utilizing <br />the more reliable techniques of this kind also preclude their <br /> <br />use. <br /> <br />All benefits and costs shall be expressed in constant <br />January, 1982, price levels. <br /> <br />(/ <br />The bas~~ measurement standard for monetary benefits and <br />costs will be the willingness of direct users to pay for final <br />goods and services. Market prices will be used as the <br />appropriate index of willingness to pay except in those <br />-2- <br />