When a public administration wishes to implement policies, there is a need of comparing different options and valuating and evaluating them to assess their social attractiveness. Traditionally, welfare economics has used cost-benefit analysis based on the Kaldor-Hicks compensation principle,...

European Commission's current practice of Impact Assessment (IA) considers three main objectives i.e. efficiency, effectiveness (including proportionality) and coherence and it is based on the assessment of various broad impacts such as economic, environmental and social (including distribution...