This is an interesting approach to setting budgets aimed at longer-range issues. Lomborg led a group called the Copenhagen Consensus. They wanted to come up with a rank ordering, using cost-benefit analysis (CBA), of the major challenges facing humanity. The first task was the compilation of a list of 32 such major challenges. Experts were then polled to identify the 10 most promising challenges from a cost-benefit standpoint. The list of ten included climate change, communicable diseases, conflicts and arms proliferation, access to education, financial instability, governance and corruption, malnutrition and hunger, migration, sanitation and access to clean water, and subsidies and trade barriers. In each of these ten areas, a renowned economics specialist within the field was approached to write a ‘challenge paper’ that: 1) gave a brief overview of the dimensions of the challenge, 2) identified between one and five practicable opportunities to address the challenge, and 3) made an extensive overview of the cost-benefit analyses in the literature and applied them to the different opportunities. Two additional scholars were commissioned for each challenge paper to provide additional commentary. Penultimately, eight distinguished economists were convened for five days in Copenhagen to hear, half a day at a time, the 10 papers and commentaries and to ask questions of the challenge paper authors and commenters. Finally, the panel of eight economists rank ordered the entire list of opportunities across all ten major challenges by cost-benefit ratio. This is a process that will be repeated at least one more time – in 2008.