Trade-off Analysis (with a revised Rawlsian Decision-making Philosophy) as an Alternative to Cost-Benefit Analysis (CBA) in Socio-technical Decisions
Name
115a. Trade-off Analysis (FINAL).doc
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283.5 KB
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Microsoft Word
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882404c5642fe2994e58d5440e8560cc
Author(s)
Hall, Ralph
Ashford, Nicholas A.
Söderbaum, Peter
Date Issued
February 20, 2008
Abstract
This paper discusses the concept of trade-off analysis as an alternative to cost-benefit analysis (CBA) in socio-technical decisions. The concept of trade-off analysis is not new, but increasing dissatisfaction with CBA as the centerpiece of decision analysis and concerns for Rawlsian equity warrant its reintroduction into decision-making. As a decision-support tool, trade-off analysis [1] allows decision-makers to avoid monetizing and aggregating non-monetary factors over time; [2] invites the involvement of stakeholders into policy debates since there is greater transparency as to who benefits and who is harmed by a particular policy; [3] enables analysts to undertake a comparative analysis of alternatives over time; and [4] takes into account the important role of technological change in shaping the state and performance of a system. In addition, a revised Rawlsian approach to incorporating equity and environmental considerations into decision-making is advocated as a way of promoting sustainable development.
While the proposed framework has yet to be applied on a wide scale, the authors believe it approximates the way that decisions are actually made in the political system and holds the potential to assist with decision-making for sustainable development in a broad variety of contexts.
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