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Individual Preferences, Efficiency, and Cost-Benefit Analysis

In: Economics and Ethics

Author

Listed:
  • Amitava Krishna Dutt
  • Charles K. Wilber

Abstract

Individual preferences have a central role in mainstream economic theory not only because they can be used to explain and predict individual and group behavior, but also because they can be used to evaluate the aggregate outcomes of such behavior. Thus, they are employed to examine whether a particular outcome is good or bad, and also to evaluate if a change that occurs is good or not. More specifically, they are utilized for evaluating the desirability of particular economic policies and to examine whether this or that policy change should be undertaken. For instance, should the government cut taxes on rich households? Or they can be used to answer whether a policy change which has been undertaken has been successful or not. For instance, is the increase in the tax rate on cigarette sales to be considered a success? Even more specifically, they are used to evaluate specific projects: Should the city government build a sports stadium? This chapter will examine to what extent such evaluations based on individual preferences are justified.

Suggested Citation

  • Amitava Krishna Dutt & Charles K. Wilber, 2010. "Individual Preferences, Efficiency, and Cost-Benefit Analysis," Palgrave Macmillan Books, in: Economics and Ethics, chapter 8, pages 141-157, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-27723-6_8
    DOI: 10.1057/9780230277236_8
    as

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