Cost-Benefit Analysis and the Environment

Recent Developments

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This book presents an in-depth assessment of the most recent conceptual and methodological developments in cost-benefit analysis and the environment. It examines how costs and benefits are evaluated and given monetary value, how to take into account impacts on future generations and impacts of irreversible losses, and how to deal with equity and sustainability issues.

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The Political Economy of Cost-benefit Analysis

CBA works with a well-defined “objective function” – the thing to be maximised. But this is unlikely to coincide with what political bodies actually do. This chapter reviews the goals that political entities might actually maximise (the “political welfare function”) and shows why the resulting decisions are likely to diverge from those using CBA.

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