The Costs and Benefits of Cost–Benefit Analysis as Applied to Environmental Regulation
Abstract
Cost–benefit analysis (CBA) is an essential tool that is used to weigh benefits against costs. In practice, however, the use of CBA is sometimes inadequate, resulting in the adoption of regulatory measures that impose higher costs than necessary or the rejection of others that should be accepted. The evaluation process contains significant elements of subjectivity and value judgment, and this is why CBA can be used to support the arguments of both the opponents and proponents of regulation. Although environmental regulation saves life and ...
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