Cost‐benefit analysis: its usage and critiques

Abstract

The goal of this paper is to deliver a concise form of discussion on the use of cost‐benefit analysis (CBA) in environmental policy formulation in the scholarships. There have been several critiques from environmental/legal economists and even from economists who are in favor of the use of CBA. The critiques of CBA can be reduced to one statement: ‘numbers don't tell us everything’. The implication from the critiques of CBA is that these evoke cautiousness or wariness against an economized calculation of CBA in the environment policy. CBA can be a valuable tool when it is carefully restricted from being used in policies such as environment, health, and natural resource policy in which inherent incommensurability exists. Copyright © 2015 John Wiley & Sons, Ltd.

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