Journal of Critical Realism 5 (1):32-60 (2006)

Abstract
This paper discusses the practice of cost-benefit analyses of transportation infrastructure investment projects from the meta-theoretical perspective of critical realism. Such analyses are based on a number of untenable ontological assumptions about social value, human nature and the natural environment. In addition, main input data are based on transport modelling analyses based on a misleading `local ontology' among the model makers. The ontological misconceptions translate into erroneous epistemological assumptions about the possibility of precise predictions and the validity of willingness-to-pay investigations. Accepting the ontological and epistemological assumptions of cost-benefit analysis involves an implicit acceptance of the ethical and political values favoured by these assumptions. Cost-benefit analyses of transportation investment projects tend to neglect long-term environmental consequences and needs among population groups with a low ability to pay. Instead of cost-benefit analyses, impact analyses evaluating the likely effects of project alternatives against a wide range of societal goals is recommended, with quantification and economic valorisation only for impact categories where this can be done in an ontologically and epistemologically defensible way
Keywords cost-benefit analysis   ontology   critical realism   politics   epistemology   valorisation
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DOI 10.1558/jocr.v5i1.32
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References found in this work BETA

Prediction, Regressions and Critical Realism.Petter Næss - 2004 - Journal of Critical Realism 3 (1):133-164.

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Unsustainable Growth, Unsustainable Capitalism.Petter Næss - 2006 - Journal of Critical Realism 5 (2):197-227.
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