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02.26.08 - Cost-Benefit Analysis(B/C >1 1 Establish a basis...

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Cost-Benefit Analysis (B/C >1) 1. Establish a basis for the measurement of costs and benefits 2. Determine the life-span of the project 3. Choose an interest rate 4. espress costs and benefits in “Equivalent Terms” Two major critiques of CBA 1. Interpersonal welfare comparisons Can the welfare of one person really be compared to that of another person? Cannot be measureable at the same scale Influenced by science and technology – standardized and systemized in design from industrial revolution. Theories as technical rationality – to understand human knowledge and the reason for standing and research. 2. Incommensurability Should and can we measure such things as health, safety, environmental and other non consumption components of well-being along the same (money) scale as marketed commodities? “What cannot be counted does not count!” (Ida Hoos) The epistemology of technical rationality 1. problems are separable and divisible into disciplines 2. separation of theory and practice existence of a substantive knowledge base.
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