Benefit-cost analysis, environment, and health in the developed and developing world
AbstractArrow et al. revisit the case for using benefit-cost analysis in a developed country, the USA, where markets work reasonably efficiently and where the capacity to implement such studies is undoubted. Their recommendations deserve wholehearted support in that context, particularly their recommendation 1 calling for a comparison of gains and losses from regulatory actions. Those who have not worked in government will recognise that most decisions are not in fact made with any form of calculus that we might describe as 'cost benefit thinking'. Indeed, the whole process of policy priority setting is all too often ad hoc, reactive, crisis-based and over-responsive to often ill-informed pressure groups (of all kinds).
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Bibliographic InfoArticle provided by Cambridge University Press in its journal Environment and Development Economics.
Volume (Year): 2 (1997)
Issue (Month): 02 (May)
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- Lori Bennear & Robert Stavins, 2007. "Second-best theory and the use of multiple policy instruments," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 37(1), pages 111-129, May.
- Bromley, Daniel W., 2007. "Environmental regulations and the problem of sustainability: Moving beyond "market failure"," Ecological Economics, Elsevier, vol. 63(4), pages 676-683, September.
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