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cost benefit analysis

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  • Simon Norton
    One can t demonstrate that a road scheme is beneficial by ignoring those costs that can t be quantified. If one does so, all one can get is an upper bound for
    Message 1 of 1 , Nov 26, 2006
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      One can't demonstrate that a road scheme is beneficial by ignoring those costs
      that can't be quantified. If one does so, all one can get is an upper bound for
      the benefit (and one doesn't even get that if one is also ignoring benefits
      that can't be quantified). This doesn't preclude the net benefit from being zero
      or negative.

      However, if one can't demonstrate that it is beneficial, neither can one
      demonstrate the reverse. I think that there's no substitute for trying to
      develop methodologies for quantifying, or at least getting better bounds for,
      what is at present unquantifiable. Meanwhile we all need to ensure that
      politicians, and public inquiry inspectors, are made aware that just because a
      cost is unquantifiable doesn't mean it's zero.

      Simon Norton
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