Abstract
Compared with multi-criteria techniques, cost—benefit analysis values a restricted set of options and gives minimal scope for interaction with decision-makers. Its utility maximising assumption is refuted by actual behaviour in public and private arenas. Yet utility maximisation for those who bear the outcomes of decisions is a worthy objective, and alternative decision techniques arguably overemphasise the unimportant short-term values and the perspectives of those who construct decisions. Numerous cases in UK forestry demonstrate their shortcomings. The need is to filter such values from cost—benefit analysis.
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Price, C. (1999). Stated and Revealed Preference Analysis: Cost—Benefit Analysis, Democracy and Multiple-Objective Decision-Making. In: Helles, F., Holten-Andersen, P., Wichmann, L. (eds) Multiple Use of Forests and Other Natural Resources. Forestry Sciences, vol 61. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-4483-4_5
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DOI: https://doi.org/10.1007/978-94-011-4483-4_5
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