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Published in:
2013 | OriginalPaper | Chapter
Multi-objective Optimisation for Social Cost Benefit Analysis: An Allegory
Authors : Robin C. Purshouse, John McAlister
Published in: Evolutionary Multi-Criterion Optimization
Publisher: Springer Berlin Heidelberg
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Social cost benefit analysis often involves consideration of non-monetary outcomes. Multi-objective optimisation is an appropriate method for handling problems of this type, but many decision-makers have a strong mistrust of the approach. Reflections by the authors on real experiences supporting decision-makers suggest that the key barriers to using multi-objective methods for social cost benefit analysis include: (i) the inadequacy of current social systems models for measuring the end benefits provided by a candidate solution; (ii) the lack of appropriate societal preference estimates for resolving the inherent trade-offs between objectives; and (iii) the lack of practical examples, case studies and guidance which demonstrate that the approach works well.