This means that the analyst responsible for carrying out an appraisal can influence how large benefits an investment will generate in the analysis by choosing more or less socially efficient timetables.1 this influence can be conscious or subconscious. It is usually difficult or impossible to gauge the social efficiency of a timetable for outside observers and decision-makers, and sometimes even for the analyst. Clearly, this means that CBA results may become misleading and to some extent even arbitrary. Even
worse, if the analyst represents a stakeholder with an interest in discrediting or promoting certain investments, there is an opportunity for strategic behavior, with very little possibility for outsiders to discover this.