Cost benefit analysis in its pure form generally involves four steps: (1) identifying and quantifying the costs and benefits of a proposed policy; (2) analyzing risks and probabilities
of uncertain consequences; (3) discounting for the «time value of money»; and (5) calculating the «ratio of benefits to costs» in order to make a policy recommendation.
These «city - regions» appear as dynamic, networked, territorial configurations embedded in their referential nation - states and driven by a wide range of diverse, transformative promotional policies that result in very
uncertain consequences for both the «city - regions» and the nation - states.
Remind them of
the uncertain consequences of not negotiating an agreement — that they'll be rolling the dice.»