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Value Typology in Cost-Benefit Analysis

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  • Seth D. Baum

Abstract

Cost-benefit analysis (CBA) evaluates actions in terms of negative consequences (costs) and positive consequences (benefits). Though much has been said on CBA, little attention has been paid to the types of values held by costs and benefits. This paper introduces a simple typology of values in CBA and applies it to three forms of CBA: the common, money-based CBA, CBA based in social welfare, and CBA based in intrinsic value. The latter extends CBA beyond its usual anthropocentric domain. Adequate handling of value typology in CBA avoids analytical mistakes and connects CBA to its consequentialist roots.

Suggested Citation

  • Seth D. Baum, 2012. "Value Typology in Cost-Benefit Analysis," Environmental Values, , vol. 21(4), pages 499-524, November.
    • Handle: RePEc:sae:envval:v:21:y:2012:i:4:p:499-524
    DOI: 10.3197/096327112X13466893628184
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    References listed on IDEAS

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    1. Spash, Clive L., 2007. "The economics of climate change impacts a la Stern: Novel and nuanced or rhetorically restricted?," Ecological Economics, Elsevier, vol. 63(4), pages 706-713, September.
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    3. Cooter, Robert & Rappoport, Peter, 1984. "Were the Ordinalists Wrong about Welfare Economics?," Journal of Economic Literature, American Economic Association, vol. 22(2), pages 507-530, June.
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