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109 Yale L.J. 165 (1999-2000)
Rethinking Cost-Benefit Analysis

handle is hein.journals/ylr109 and id is 203 raw text is: Articles Rethinking Cost-Benefit Analysis Matthew D. Adlert and Eric A. Posner CONTENTS I. INTRODUCTION ................................................................................. 167 II. BACKGROUND ..................................................................................169 III. THE CONVENTIONAL VIEW OF COST-BENEFIT ANALYSIS...............176 A . W hat Is CBA ?..........................................................................177 1. Measuring Individual Utility Changes............................177 2. A ggregation.....................................................................181 B. The Conventional Defenses of CBA.........................................187 1. The Pareto Defense .........................................................188 2. The Kaldor-Hicks Defense ..............................................190 3. The (Unrestricted) Utilitarian Defense ...........................191 IV. RECONCEPTUALIZING COST-BENEFIT ANALYSIS ...........................194 A. Well-Being: Desire, Pleasure, and Objective Value ...............197 B. The Possibility of Interpersonal Welfare Comparisons...........204 C. The Moral Relevance of Overall Well-Being ..........................209 D. Decision Procedures and Moral Criteria................................216 V. COST-BENEFIT ANALYSIS AND OTHER DECISION PROCEDURES: A COMPARATIVE, WELFARIST ASSESSMENT...................................225 Assistant Professor of Law, University of Pennsylvania. it Professor of Law, University of Chicago. Thanks to Larry Alexander, Steve Coate, David Driesen, Jeff Gordon, Alon Harel, Saul Levmore, Yew-Kwang Ng. Arti Rai, Cass Sunstein, David Weisbach, and participants in workshops at the University of Pennsylvania Law School, the University of Illinois College of Law, and the University of Chicago, for helpful comments. 165

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