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Value Typology in Cost-Benefit Analysis

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  • Seth D. Baum
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    Abstract

    Cost-benefit analysis (CBA) evaluates actions in terms of negative consequences (costs) and positive consequences (benefits). Though much has been said on CBA, little attention has been paid to the types of values held by costs and benefits. This paper introduces a simple typology of values in CBA and applies it to three forms of CBA: the common, money-based CBA, CBA based in social welfare, and CBA based in intrinsic value. The latter extends CBA beyond its usual anthropocentric domain. Adequate handling of value typology in CBA avoids analytical mistakes and connects CBA to its consequentialist roots.

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    Bibliographic Info

    Article provided by White Horse Press in its journal Environmental Values.

    Volume (Year): 21 (2012)
    Issue (Month): 4 (November)
    Pages: 499-524

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    Handle: RePEc:env:journl:ev21:ev2123

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    Web page: http://www.erica.demon.co.uk

    Related research

    Keywords: Cost-benefit analysis; value typology; consequentialism; social welfare; welfare economics;

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    References

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    Cited by:
    1. Clive L. Spash, 2012. "Response and Responsibility," Environmental Values, White Horse Press, vol. 21(4), pages 391-376, November.

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