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Cost–Benefit Analysis: Philosophical Issues

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The New Palgrave Dictionary of Economics

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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.

This chapter was originally published in The New Palgrave Dictionary of Economics, Online edition, 2010. Edited by Palgrave Macmillan

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  1. http://link.springer.com/referencework/10.1007/978-1-349-95121-5

    Sven Ove Hansson

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  1. Sven Ove Hansson
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    Hansson, S.O. (2010). Cost–Benefit Analysis: Philosophical Issues. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_2918-1

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    • DOI: https://doi.org/10.1057/978-1-349-95121-5_2918-1

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    • Publisher Name: Palgrave Macmillan, London

    • Online ISBN: 978-1-349-95121-5

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