On Jan 25, 2010, at 4:16 PM, raghu wrote:
On Mon, Jan 25, 2010 at 2:50 PM, Shane Mage <[email protected]>
wrote:
Public regulatory policy has no place for "cost-benefit analysis."
It has
to be based on social values, worked out through the democratic
process of
open public discussion and subject to correction through the normal
trial-and-error processes by which human beings form their rough
expectations of future outcomes. Corporate profitability, as such,
is
irrelevant.
You seem to be saying two separate things here:
1) Cost-benefit analysis, as practiced is arbitrary and not based on
good statistical principles.
My point is that cost-benefit cannot possibly ever be "based on good
statistical principles."
2) Cost-benefit analysis should be based on social values and not
corporate profitability.
No. What I said, and actually was quoted above, is that *Public
regulatory policy has no place for "cost-benefit analysis."*
cost-benefit analysis based on profitability is ethically abhorrent.
Agreed.
Shane Mage
This cosmos did none of gods or men make, but it
always was and is and shall be: an everlasting fire,
kindling in measures and going out in measures."
Herakleitos of Ephesos
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