CELI 2019 Fellow Annelise Dillon Revisits Traditional Cost-benefit analysis and finds a few problems with it.

Cost-benefit analysis (CBA) is a methodology fundamental to decision-making in public policy, used by governments and other entities to evaluate potential public investments. The framework is seemingly simple: calculate the costs of taking a particular action, quantify the potential benefits, and evaluate the equation to figure out whether the expenditure in question makes sense.

In the world of climate policy, however, cost-benefit frameworks leave ample room for debate. As climate change is a global phenomenon with far-reaching consequences for almost every aspect of society, the question is: what exactly is being included in (and excluded from) the equations that determine our collective response?

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