Putting Cost-Benefit Analysis in Its Place: Rethinking Regulatory Review. Rose-Ackerman, S. 65:335+.
Putting Cost-Benefit Analysis in Its Place: Rethinking Regulatory Review [link]Paper  abstract   bibtex   
Policymakers need to reassess the role of cost-benefit analysis (CBA) in regulatory review. Although it remains a valuable tool, a number of pressing current problems do not fit well into the CBA paradigm. In particular, climate change, nuclear accident risks, and the preservation of biodiversity can have very long-run impacts that may produce catastrophic and irreversible effects. This article seeks to put cost-benefit analysis in its place by demonstrating both its strengths and its limitations. The Obama Administration should rethink the use of CBA as a way to evaluate regulatory policies and develop procedures to restrict its use to policy areas where its underlying assumptions fit the nature of the problem.
@article{rose-ackermanPuttingCostbenefitAnalysis2011,
  title = {Putting Cost-Benefit Analysis in Its Place: Rethinking Regulatory Review},
  author = {Rose-Ackerman, Susan},
  date = {2011},
  journaltitle = {University of Miami Law Review},
  volume = {65},
  pages = {335+},
  url = {http://digitalcommons.law.yale.edu/fss_papers/4156/},
  abstract = {Policymakers need to reassess the role of cost-benefit analysis (CBA) in regulatory review. Although it remains a valuable tool, a number of pressing current problems do not fit well into the CBA paradigm. In particular, climate change, nuclear accident risks, and the preservation of biodiversity can have very long-run impacts that may produce catastrophic and irreversible effects. This article seeks to put cost-benefit analysis in its place by demonstrating both its strengths and its limitations. The Obama Administration should rethink the use of CBA as a way to evaluate regulatory policies and develop procedures to restrict its use to policy areas where its underlying assumptions fit the nature of the problem.},
  keywords = {*imported-from-citeulike-INRMM,~INRMM-MiD:c-13319344,climate-change,controversial-monetarisation,cost-benefit-analysis,discount-rate,future-earth,pareto-frontier,science-ethics}
}

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