A full exposition of CBA requires book- length treatment (see, e.g., Boardman et al., 2001; Dinwiddy and Teal, 1996; Zerbe and Dively, 1994; Gramlich, 1990). Briefly, the basic steps are as follows: First, identify the set of alternative policies, including the status quo policy, to be assessed (for convenience, alterna- tives are often assessed relative to the status quo policy so that common effects can be netted out). Second, decide who has standing (Whittington and MacRae, 1991).