Provide an argument against using cost-benefit analysis as the only way of making social decisions Environmental...

Provide an argument against using cost-benefit analysis as the only way of making social decisions

Environmental and natural resource economics

Expert Solution

Cost benefit analysis is seen as too imprecise to be used in important social . one argument against the cost benefit analysis as the only way of making social decisions can be stated as follows.

* Regulatory decisions ( concerning health, safety and environment) involve the delicate weighing of alternative outcomes and important social values by a regulator. Cost benefit analysis won't be precise if the prospective benefits from a regulation are not known with precision. Estimation of the benefits of a health safety and environmental regulation is a way difficult and complicated than the estimation of compliance costs. For example, science can't yet provide guidelines that allows us to determine, with a high degree of confidence, the safe level of exposure to a pollutant. monetizing health benefits may not be feasible or even desirable; . For example, a human life doesn't have a market value.

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Rahul Sunny answered 1 year ago

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