Using the article Pricing the Priceless as a source answer the following questio

Question

Using the article Pricing the Priceless as a source answer the following questions: What is a CBA? What is one practical problem discussed? You must be sure you explain the problem you choose in detail. What is one fundamental problem discussed? You must be sure you explain the problem you choose in detail. What is an alternative to CBA's? Remember to cite your sources at the bottom of your answer. HTML Editor Paragraph CBA (Cost-benefit analysis), according to the article. CBA is a flawed method that leads to bias and misleading results

Explanation / Answer

Cost-Benefit Analysis (CBA) estimates and totals up the equivalent money value of the benefits and costs to the community of projects to establish whether they are worthwhile. These projects may be dams and highways or can be training programs and health care systems.

Ten classes of philosophical problems that affect the practical performance of cost benefit analysis are investigated: topic selection, dependence on the decision perspective, dangers of super synopticism and undue centralization, prediction problems, the indeterminateness of our control over future decisions, the need to exclude certain consequences for moral reasons, bias in the delimitation of consequences, incommensurability of consequences, difficulties in defending the essential requirement of transferability across contexts, and the normatively questionable but equally essential assumption of interpersonal compensability.

Prediction and control of future decision is the fundamental problem of Cba and the only thing that mostly affects the Cost benefits . The characterization of future developments that is needed in a CBA is complicated not only by prediction problems but also by the indeterminateness of our control over future decisions. Decision analysis usually has its focus on one-shot decisions, i.e. situations in which a decision-maker has exactly one decision to make in a matter. Our inability to predict how different alternatives will develop into the future affects not only cost–benet analysis but also other policy- guiding practices.This problem is particularly conspicuous for methods like CBA that conform with consequentialist principles. Consequentialism refers to all consequences of an action, including consequences that occur far off in a distant future and/or depend on very complex causal mechanisms.

Multi-criteria analysis (MCA), sometimes referred to as multi-criteria decision analysis (MCDA), is sometimes advocated as an alternative to CBA, particularly where some costs or benefits are difficult or impossible to quantify

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