to evaluate financial regulations. 2 John Coates has emerged as a leading critic of this view. 3 Doubts can also be found in a recent paper by Jeffrey Gordon. 4 In this Essay, we survey their objections and respond to them. We make several points. First, Coates conflates two separate issues: the advisability of CBA and the uncertainty of valuations. He argues that because scholars have so far disagreed about relevant valuations, regulators should not engage in CBA. However, he exaggerates the difficulty…
Words 8705 - Pages 35