Value Typology in Cost-Benefit Analysis
AbstractCost-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 InfoArticle provided by White Horse Press in its journal Environmental Values.
Volume (Year): 21 (2012)
Issue (Month): 4 (November)
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Cost-benefit analysis; value typology; consequentialism; social welfare; welfare economics;
Find related papers by JEL classification:
- D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
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