What is willingness to pay?
— Willingness to pay is a concept used by economists to determine the value of a product or service based on an individual's ability and willingness to pay for it.
How does willingness to pay lead to inequality?
— Willingness to pay can lead to inequality because it values the benefits of a product or service based on an individual's ability to pay, which can result in unequal assessments of benefits between the poor and the wealthy.
What is cost-benefit analysis?
— Cost-benefit analysis is a method used by economists to assess the benefits and costs of a project or policy, often using willingness to pay as a measure of benefit.
How does cost-benefit analysis favor the rich?
— Cost-benefit analysis biases analyses in favor of the rich because it values rich lives more, as individuals with higher incomes are more likely to have a higher willingness to pay for certain benefits.
How can philosophy fix the bias in cost-benefit analysis?
— The book "Are All Lives Equal? Why Cost-Benefit Analysis Values Rich Lives More and How Philosophy Can Fix It" explores how philosophy can address the bias in cost-benefit analysis and provide a more equitable assessment of benefits.
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