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COST–BENEFIT ANALYSIS AND THE ART OF MOTORCYCLE MAINTENANCE
Baruch Fischhoff
© Elsevier Scientific Publishing Company, Amsterdam
Abstract
Partially as the result of consumer and environmentalist pressure, proposals for large-scale government and private projects are increasingly coming under the scrutiny of cost-benefit analysis, decision analysis, risk assessment, and related approaches. This paper presents a critical overview of such analyses. It discusses (a) their rationale; (b) their acceptability as guides to decision making; (c) the problems such analyses encounter; (d) how they may be misused; and (e) what steps are needed to increase their contribution to society. The discussion is illustrated with a variety of examples, drawn, in ...
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