Vienna Yearbook of Population Research 2021 Demographic Aspects of Human Wellbeing
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Verlag der Österreichischen Akademie der Wissenschaften Austrian Academy of Sciences Press
A-1011 Wien, Dr. Ignaz Seipel-Platz 2
Tel. +43-1-515 81/DW 3420, Fax +43-1-515 81/DW 3400 https://verlag.oeaw.ac.at, e-mail: verlag@oeaw.ac.at |
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DATUM, UNTERSCHRIFT / DATE, SIGNATURE
BANK AUSTRIA CREDITANSTALT, WIEN (IBAN AT04 1100 0006 2280 0100, BIC BKAUATWW), DEUTSCHE BANK MÜNCHEN (IBAN DE16 7007 0024 0238 8270 00, BIC DEUTDEDBMUC)
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Vienna Yearbook of Population Research 2021 Demographic Aspects of Human Wellbeing
ISSN 1728-4414
Print Edition ISSN 1728-5305 Online Edition ISBN 978-3-7001-8707-3 Print Edition ISBN 978-3-7001-8784-4 Online Edition Vienna Yearbook of Population Research 2021
2020, ONLINE FIRST
Paul Frijters
S. 39 - 64 Verlag der Österreichischen Akademie der Wissenschaften doi:10.1553/populationyearbook2021.deb04
Abstract: The current practise of cost-benefit analysis inWestern countries consists of a collectionof various incompatible ideas and methodologies to obtain replicable numbersfor the costs and benefits of major public spending plans. This paper describesthe main elements of the dominant methodology, which combines consumer andproducer surplus, price-taking, government-inputs-as-outputs, hedonic pricing ofexternalities, and the issue-specific use of partial or general equilibrium thinking.The paper then discusses how that methodology can be augmented and partiallyreplaced by looking at how prospective policies would change the total number ofWELLBYs (life satisfaction-adjusted years of life) of the population. The abilityof the WELLBY methodology to address complex externalities is illustrated by theEasterlin Discount, which is a proposed reduction factor of 75% on all estimates ofprivate consumption benefits to offset the envy caused in others. Keywords: cost-effectiveness; wellbeing; consumer surplus; Easterlin Discount; public advocacy Published Online: 2021/03/09 14:11:35 Object Identifier: 0xc1aa5576 0x003c4646 Rights: .
Debate
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Verlag der Österreichischen Akademie der Wissenschaften Austrian Academy of Sciences Press
A-1011 Wien, Dr. Ignaz Seipel-Platz 2
Tel. +43-1-515 81/DW 3420, Fax +43-1-515 81/DW 3400 https://verlag.oeaw.ac.at, e-mail: verlag@oeaw.ac.at |