In Defence of Cost-Benefit Analysis

Henry Ergas

Agenda - A Journal of Policy Analysis and Reform, 2009, vol. 16, issue 3, 31-40

Abstract: In this paper I compare cost-benefit analysis (CBA) to multi-criteria analysis (MCA). I review the nature of the two approaches and consider the criticisms that have been made of CBA. I conclude that these criticisms largely lack merit, and that even to the extent to which they are meritorious, they provide no justification for relying on MCA. I conclude by expressing my concerns about the growing role of MCA in Australian project appraisal, which is symptomatic of a broader move away from sound policy evaluation.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:acb:agenda:v:16:y:2009:i:3:p:31-40

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