The Problem of Utility

Knut Samset

Chapter 9 in Early Project Appraisal, 2010, pp 83-89 from Palgrave Macmillan

Abstract: Abstract The assessment of the utility of an endeavour is about the return we get for the resources we use to implement it. The concept is defined and used in various ways. Some use utility as a collective term for the positive effects of an endeavour. A broader definition might be that utility is the sum of the individual welfare rewards (which in some cases may be negative) generated by the endeavour (Næss 2004). In cost-benefit analyses, the notion of utility designates the financial consequences of an endeavour, both positive and negative. In a broader socio-economic principled approximation, costs and benefits are defined as follows:

Keywords: Economic Viability; Negative Side Effect; Financial Sustainability; Flawed Information; Positive Side Effect (search for similar items in EconPapers)
Date: 2010
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DOI: 10.1057/9780230289925_9

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