Towards a Meta Cost-Benefit Analysis: The Case of Brexit

Abstract

Doubtless Brexit is one of the most important regulatory challenges for an entire country since the beginning of the XXIst century. Equally important are the implications in terms of costs and benefits of such democratic decision on the UK’s economy and for its regulatory environment. So far, some cost-benefit analyses have attempted to measure post-Brexit situation.

Few studies have proposed a so-called ‘meta cost-benefit analysis’ which encompass current studies into one aggregated study. No study has provided for a meta cost-benefit analysis as the Brexit negotiations unfold and which provides for a comprehensive discussion on the regulatory issues at stake. This paper intends to fill this gap.

The originality of this Article lies both in its content and timing. The content is original because it discusses the scientific possibility of a meta cost benefit analysis of Brexit together with the inherent limits associated with such endeavour. The timing is appropriate as we approach the critical halfway of the two-year negotiation period (2017-2019) during which the EU and the UK must secure the relevant deals to ensure a smooth and frictionless Brexit for both sides of the Channel.

After having introduced the regulatory and economic issues at stake (I), we shall decipher the most relevant methodological approach for a meta cost benefit analysis of Brexit (II). This method shall not prevent regulatory and epistemological issues to arise and/or remain in an optimal meta cost benefit analysis (III). We shall then conclude (IV).

Keywords: Brexit, cost benefit analysis

JEL Classification: K21