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<br />~--~ <br /> <br />-6- <br /> <br />The Western States Water Council has suppor-ted these same concepts in its <br /> <br />Today there Is an enormous body of 1\terature relating to the evaluation <br /> <br />, <br />, <br />~ <br />~ <br />~ I <br />t <br />!' <br />" <br />! <br /> <br />statement of January 13, 1969, concerning the original draft: of the proposed <br /> <br />principles. <br /> <br />of water resources Investments. The water field can claim a measure of <br /> <br />soPhistication in the evaluation of Investments that cannot be claimed by most <br /> <br />other ~ectors of government involved in the investment of large sums, such, <br />, I <br />as education, transportation, urban renewal, or sootal welfllre programs. <br /> <br />Yet one cannot be content with what has been done, and those deeply concerned <br /> <br />wtth water resources management are keenly aware of certain limitations <br /> <br />l <br /> <br />In the techniques of economic analysis and recognize that further improvements <br /> <br />are needed. <br /> <br />80th the cost and benefit sides of water project evaluation are in need <br /> <br />of Improvement. For years the various federal agencies have been struggling <br /> <br />to do so:. This Is particularly true with respect to the benefit side of the <br /> <br />equation as it relates to municipal water supply, hydroelectric pOlNer, and <br /> <br />recreation. Time and again projects have been constructed which provide <br /> <br />benefits to these purposes, an'! it has turned out that the benefits were sub- <br /> <br />stantiaUy underestimated in the formulation process. <br /> <br />'A major factor in properly evaluating project benefits is the present <br /> <br />dlfflculty In placing a dollar value on so-called indirect, or secondary benef'lts <br /> <br />, (syc";as stabilization of Income, creatl'on of job opportunities, pl"Ollislon of <br /> <br />economic flexibllty, dispersal of population, resource preservation, and the <br /> <br />I <br />, I <br />