Cost‐Benefit Analysis: Definition, Justification, and Comment on Conference Papers

Abstract

In this comment on the conference papers, Judge Posner argues for a pragmatic construal and defense of cost‐benefit analysis, demonstrating the benefit of such analysis; responding to specific criticisms of, and suggested changes in, the analysis; and emphasizing that the value of such analysis as an evaluative and decision tool for social and economic policy making does not depend on the resolution of philosophical problems.