Only a Poor Workman Blames His Tools: On Uses and Abuses of Benefit-Cost Analysis in Regulatory Decision Making About the Environment

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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.”

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