Professor Elliott, in his Response, Only a Poor Workman Blames his Tools:
On the Uses and Abuses of Benefit-Cost Analysis in Regulatory Decision
Making About the Environment, faults Graham’s argument for falling
into “the two conceptual traps that it inherits from the critics:
both the ‘fine tuning’ and the ‘selective realism’ fallacies.”
If these two fallacies were better understood and avoided, Elliott argues
that “BCA can be a very useful, albeit imperfect, technique for comparing
policies.”
Volume 157 2009 Article