cost–benefit analysis: philosophical issues

Sven Ove Hansson

from Palgrave Macmillan

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.

Keywords: aggregation; commensurability; comparability; compensation; contingent valuation; costbenefit analysis; environmental economics; ethics; health economics; incommensurability; interpersonal comparison; life value; philosophy of economics; riskbenefit analysis; synopticism; value of life; welfare economics; willingness to pay (search for similar items in EconPapers)
JEL-codes: D61 (search for similar items in EconPapers)
Date: 2010
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