The Cost-Benefit Analysis of International Migration: Modelling and Empirical Study between Bangladesh and Italy

International migration has assumed significance in the policy discourse as a livelihood strategy adopted by households and individuals in Bangladesh. Migration whether within a country or across borders entails both costs and benefits. For migrants to make any significant strides in securing improvement in wellbeing, benefits accruing from migration should exceed the costs involved. This paper sought to provide assessment of the costs and benefits pertaining to international migration from Bangladesh to Italy. In this paper, we examine the role of migrant network in determining patterns of outmigration. Conditions under which migration equilibrium may permit multiple steady states are identified. The study employed data collected through questionnaire-survey and the data was analysed using cost-benefit formula. Our analysis discusses instances where migration generates its own demand and explains differences in migration propensities across potential sources of outmigration. The findings indicate that in real terms benefits outweigh the costs of migration. This means that there is economic justification for people to undertake out-migration. The paper, concludes that international migration is beneficial to those who embark on it as a livelihood strategy. Therefore, to reduce the positive and negative impacts of international migration and development to their equivalent money value Cost-Benefit Analysis determines whether on balance the migration is worthwhile. The equivalent money value is based upon information derived from migrants and labour market choices, the demand and supply schedules for labour affected by the movement