I know there are problems about measuring cost and benefits biases in measurement etc. but my problem is conceptual.
As I understand it modern economics does not assume that interpersonal comparisons of utility are possible just ordinal rankings of individual preferences. If this is so how does one make the transition to measurement of cost and benefits in monetary terms that is the typical mode of analysis in applied cost benefit analysis? Doesn't the measurement in monetary units assume there is some interpersonal utility that is measurable in these units? Blog: http://kenthink7.blogspot.com/index.html Blog: http://kencan7.blogspot.com/index.html
