costâ€“benefit analysis: philosophical issues
AbstractCostâ€“benefit analysis (CBA) gives rise to a whole range of philosophical issues. The most discussed among these is the status of economic values that are assigned to assets conceived as incommensurable with money, such as a human life or the continued existence of an animal species. CBA also involves other contentious assumptions, for instance that a disadvantage affecting one person can be fully compensated for by an advantage affecting some other person. Another controversial issue is whether a CBA should cover all aspects in a decision or rather leave out certain issues (such as justice) so that they can instead be treated separately.
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This chapter was published in: Steven N. Durlauf & Lawrence E. Blume (ed.) , , pages , 2010, 3rd quarter update.
This item is provided by Palgrave Macmillan in its series The New Palgrave Dictionary of Economics with number v:4:year:2010:doi:3828.
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- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
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