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cost–benefit analysis: philosophical issues

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  • Sven Ove Hansson

Abstract

Cost–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.

Suggested Citation

  • Sven Ove Hansson, 2010. "cost–benefit analysis: philosophical issues," The New Palgrave Dictionary of Economics,, Palgrave Macmillan.
    • Handle: RePEc:pal:dofeco:v:4:year:2010:doi:3828
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