Can you extend cost/benefit analysis to other areas

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1. At times we all regret decisions. Does this necessarily mean we did not use the economic decision rule when making the decision?

2. Economist Steven Landsburg argues that if one believes in the death penalty for murderers because of its deterrent effect, using cost/benefit analysis we should execute computer hackers-the creators of worms and viruses- because the deterrent effect in cost saving would be greater than the deterrent effect in saving lives. Estimates are that each execution deters eight murders, which, if one valued each life at about $7 million, saves about $56 million; he estimates that executing hackers would save more than that per execution, and thus would be the economic thing to do.

a. Do you agree or disagree with Landsburg's argument? Why?

b. Can you extend cost/benefit analysis to other areas?

Reference no: EM131402487

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