Environmental Valuation & Cost-Benefit News
Happiness Research and Cost-Benefit Analysis
04/12/08
04:23:21 pm, by damageva 
, 234 words, 359 views 
Categories: General, Non-Environmental, U.S., Academic Study/Journal Article, Regulatory Analysis, Research Institute NGO NonProfit, Environmental Economics / Ecological Economics, Costs and Benefits, Free Report at Time of Entry
Happiness Research and Cost-Benefit Analysis
A growing body of research on happiness or subjective well-being (SWB) shows, among other things, that people adapt to many injuries more rapidly than is commonly thought, fail to predict the degree of adaptation and hence overestimate the impact of those injuries on their SWB, and, similarly, enjoy small or moderate rather than significant changes in SWB in response to significant changes in income. Some researchers believe that these findings pose a challenge to cost-benefit analysis, and argue that project evaluation decision-procedures based on economic premises should be replaced with procedures that directly maximize subjective well-being. This view turns out to be wrong or, at best, premature. Cost-benefit analysis remains a viable decision-procedure. However, some of the findings in the happiness literature can be used to generate valuations for cost-benefit analysis where current approaches have proven inadequate.
by Matthew D. Adler and Eric A. Posner
AEI Center for Regulatory and Market Studies www.reg-markets.org
Working Paper 08-10; March, 2008.
The AEI Center for Regulatory and Market Studies was founded by Bob Hahn in 2008 as the successor to the AEI-Brookings Joint Center. A primary aim of the Reg-Markets Center is to gain a deeper understanding of how markets, laws and regulation contribute to economic well-being. The Center will be an independent voice in policy debates.
http://www.reg-markets.org/admin/authorpdfs/page.php?id=1448&PHPSESSID=98d2bc04eb28e98a0c32fab0c09ceaa9
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Environmental Valuation & Cost-Benefit News
Environmental Valuation & Cost Benefit News covers legal, academic, and regulatory developments pertaining to the valuation of environmental amenities and disamenities, such as clean air, trees, parks, congestion, and noise. We apprise the reader about ways in which costs and benefits are measured, and the results of empirical studies. We hope that this information will allow public and private organizations to comprehend the risks and benefits of various actions, help disputants to resolve conflicts equitably and efficiently, and improve the quality of public policies. We will only discuss issues related to the empirical quantification of private and social costs and benefits and damages, and summarize information from daily newspapers, academic journals, legal publications, court decisions, professional newsletters commissioned studies, and on-line services. This newsletter is dedicated to the principal that all policies place values upon life, liberty, and the pursuit of happiness. We believe that more information, explicit specification of assumptions, and rigorous analysis can help our society to better meet these ends. This site will increasingly serve, in conjunction with others, as a valuation database. We will include a wide range of studies, including non-environmental reports, because omission of a factor effectively values it at zero, and biases decisions. Heavy traffic has caused several site crashes. We are attempting to correct these problems. Apologies for any inconvenience.
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