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The Problem of Utility

In: Early Project Appraisal

Author

Listed:
  • Knut Samset

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:

Suggested Citation

  • Knut Samset, 2010. "The Problem of Utility," Palgrave Macmillan Books, in: Early Project Appraisal, chapter 9, pages 83-89, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28992-5_9
    DOI: 10.1057/9780230289925_9
    as

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