Value Typology in Cost-Benefit Analysis
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.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Daniel Kahneman & Robert Sugden, 2005. "Experienced Utility as a Standard of Policy Evaluation," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 32(1), pages 161-181, 09.
- Jonathan Aldred, 1994. "Existence Value, Welfare and Altruism," Environmental Values, White Horse Press, vol. 3(4), pages 381-402, November.
- Sunstein, Cass R, 2000. "Cognition and Cost-Benefit Analysis," The Journal of Legal Studies, University of Chicago Press, vol. 29(2), pages 1059-1103, June.
- Tom Crowards, 1997. "Nonuse Values and the Environment: Economic and Ethical Motivations," Environmental Values, White Horse Press, vol. 6(2), pages 143-167, May.
- Mark Sagoff, 2008. "On the Economic Value of Ecosystem Services," Environmental Values, White Horse Press, vol. 17(2), pages 239-257, May.
- Dreze, Jean & Stern, Nicholas, 1990. "Policy reform, shadow prices, and market prices," Journal of Public Economics, Elsevier, vol. 42(1), pages 1-45, June.
- Brekke, Kjell Arne, 1997. "The numeraire matters in cost-benefit analysis," Journal of Public Economics, Elsevier, vol. 64(1), pages 117-123, April.
- Katrine Soma, 2006. "Natura economica in Environmental Valuation," Environmental Values, White Horse Press, vol. 15(1), pages 31-50, February.
- Baum, Seth D., 2009. "Description, prescription and the choice of discount rates," Ecological Economics, Elsevier, vol. 69(1), pages 197-205, November.
- Clive L. Spash, 2008. "How Much is that Ecosystem in the Window? The One with the Bio-diverse Trail," Environmental Values, White Horse Press, vol. 17(2), pages 259-284, May.
- James Lenman, 2000. "Preferences in their Place," Environmental Values, White Horse Press, vol. 9(4), pages 431-451, November.
- Drakopoulos, Stavros A., 1989. "The Historical Perspective of the Problem of Interpersonal Comparisons of Utility," MPRA Paper 28996, University Library of Munich, Germany.
- Hansson, Sven Ove, 2007. "Philosophical Problems In Cost Benefit Analysis," Economics and Philosophy, Cambridge University Press, vol. 23(02), pages 163-183, July.
- Cooter, Robert & Rappoport, Peter, 1984. "Were the Ordinalists Wrong about Welfare Economics?," Journal of Economic Literature, American Economic Association, vol. 22(2), pages 507-30, June.
- Dreze, Jean & Stern, Nicholas, 1987. "The theory of cost-benefit analysis," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 2, chapter 14, pages 909-989 Elsevier.
- Spash, Clive L., 2007. "The economics of climate change impacts a la Stern: Novel and nuanced or rhetorically restricted?," Ecological Economics, Elsevier, vol. 63(4), pages 706-713, September.
- Sen, Amartya, 2000. "The Discipline of Cost-Benefit Analysis," The Journal of Legal Studies, University of Chicago Press, vol. 29(2), pages 931-52, June.
- Sugden, Robert & Williams, Alan, 1978. "The Principles of Practical Cost-Benefit Analysis," OUP Catalogue, Oxford University Press, number 9780198770411.
- Yew-Kwang Ng, 2003. "From preference to happiness: Towards a more complete welfare economics," Social Choice and Welfare, Springer, vol. 20(2), pages 307-350, March.
When requesting a correction, please mention this item's handle: RePEc:env:journl:ev21:ev2123. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Andrew Johnson)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.