This document discusses benefit-cost analysis (BCA) for climate change adaptation policies in agriculture. It explains that BCA is an ex-ante methodology used to efficiently allocate scarce resources by identifying solutions that minimize costs or maximize benefits. The document outlines the basic steps of a BCA, which include specifying alternative projects, identifying impacted groups, quantifying and monetizing impacts over time, discounting values, and calculating net present values. It provides an example of applying BCA to the "Enhancing the Resilience of Agro-ecological Systems" project in Malawi, finding an internal rate of return of 27.5% and a positive net present value.