ecorest (version 2.0.0)

CEfinder: Finds cost-effective frontier

Description

CEfinder returns cost-effectiveness analysis for a particular set of alternatives.

Usage

CEfinder(benefit, cost)

Value

A numeric vector identifying each plan as cost-effective (1) or non-cost-effective (0). The cost-effective actions comprise the Pareto frontier of non-dominated alternatives at a given level of cost or benefit.

Arguments

benefit

a vector of restoration benefits. Typically, these are time-averaged ecological outcomes (e.g., average annual habitat units). Often project benefits are best presented as the "lift" associated with a restoration action (i.e., the benefits of an alternative minus the benefits of a "no action" plan).

cost

a vector of restoration costs. Typically, these are monetary costs associated with a given restoration action such as project first cost or annualized economic cost. Notably, these functions are agnostic to units, so costs could also be non-monetary such as lost political capital or social costs of each alternative.

References

Robinson R., Hansen W., and Orth K. 1995. Evaluation of environmental investments procedures manual interim: Cost effectiveness and incremental cost analyses. IWR Report 95-R-1. Institute for Water Resources, U.S. Army Corps of Engineers, Alexandria, Virginia

Examples

#Identify cost-effective actions based on random vectors of benefits and costs
CEfinder(runif(50,min=0,max=10), runif(50, min=0,max=1000))

#Identify cost-effective actions based on a small number of user-specified benefits and costs
restben <- c(0, 10, 5, 20, 20)
restcost <- c(0, 100, 100, 200, 150)
CEfinder(restben, restcost)