Traditional cost-benefit analysis is based on a number of assumptions found in neo-classical economics. The paper argues that these assumptions could be considered to be deeply flawed. It suggests that these assumptions include a belief in perpetual growth and result in a particular bias against...

New physical constraints emerged in the 20th century and are changing the decision criteria used until now. Two optimisation problems are equivalent: (1) maximising discounted utility with a long-run survival constraint and (2) maximising a new type of utility that treats the present and future...