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The Rationality of a Safe Minimum Standard

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  • Michael C. Farmer
  • Alan Randall
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    Abstract

    The Safe Minimum Standard (SMS) is a policy shift to safety defaults to forestall irreversible outcomes. Critics charge an inconsistency: what justifies "business as usual" cannot also justify switching to the SMS. Currently the SMS is only a procedural shift where economic optimality procedures are buttressed by extra-special focus on uncertainty. Yet social welfare function may not be complete enough, warranting a more fundamental SMS shift. Numerous moral positions support this SMS approach. This SMS also operationalizes the intolerable cost as a trigger point, noting societies with lower tolerance for sacrifice must trigger the SMS earlier.

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    Bibliographic Info

    Article provided by University of Wisconsin Press in its journal Land Economics.

    Volume (Year): 74 (1998)
    Issue (Month): 3 ()
    Pages: 287-302

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    Handle: RePEc:uwp:landec:v:74:y:1998:i:3:p:287-302

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    Web page: http://le.uwpress.org/

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    Cited by:
    1. Toman, Michael & Pezzey, John C., 2002. "The Economics of Sustainability: A Review of Journal Articles," Discussion Papers dp-02-03, Resources For the Future.
    2. Stefan Baumgärtner & Martin F. Quaas, 2007. "Ecological-economic viability as a criterion of strong sustainability under uncertainty," Working Paper Series in Economics 67, University of Lüneburg, Institute of Economics.
    3. Döring, Ralf, 2006. "Ressourceninput und der Input ökologischer Leistungen in der Kapitaltheorie," Wirtschaftswissenschaftliche Diskussionspapiere 06/2006, Ernst Moritz Arndt University of Greifswald, Faculty of Law and Economics.
    4. Michael Margolis & Eric Nævdal, 2008. "Safe Minimum Standards in Dynamic Resource Problems: Conditions for Living on the Edge of Risk," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 40(3), pages 401-423, July.
    5. Tobias Hahn & Frank Figge, 2011. "Beyond the Bounded Instrumentality in Current Corporate Sustainability Research: Toward an Inclusive Notion of Profitability," Journal of Business Ethics, Springer, vol. 104(3), pages 325-345, December.
    6. Rohlin, Shawn M. & Batabyal, Amitrajeet A., 2005. "A theoretical perspective on managed rangelands and irreversible states," International Review of Economics & Finance, Elsevier, vol. 14(4), pages 487-494.
    7. Seidl, Irmi & Tisdell, Clement A., 2000. "Neglected Features of the Safe Minimum Standard: Socio-economics and Institutional Dimensions," Economics, Ecology and Environment Working Papers 48000, University of Queensland, School of Economics.
    8. Giles Atkinson & Haripriya Gundimeda, 2006. "Accounting for India’s Forest Wealth," Working Papers 2006-05, Madras School of Economics,Chennai,India.
    9. Farmer, Michael C., 2001. "Getting the safe minimum standard to work in the real world: a case study in moral pragmatism," Ecological Economics, Elsevier, vol. 38(2), pages 209-226, August.
    10. Kohn, Robert E., 1999. "Thresholds and complementarities in an economic model of preserving and conserving biodiversity," Socio-Economic Planning Sciences, Elsevier, vol. 33(2), pages 151-172, June.
    11. Solomon, Barry D. & Corey-Luse, Cristi M. & Halvorsen, Kathleen E., 2004. "The Florida manatee and eco-tourism: toward a safe minimum standard," Ecological Economics, Elsevier, vol. 50(1-2), pages 101-115, September.
    12. Döring, Ralf & von Egan-Krieger, Tanja & Ott, Konrad, 2007. "Eine Naturkapitaldefinition oder Natur in der Kapitaltheorie," Wirtschaftswissenschaftliche Diskussionspapiere 10/2007, Ernst Moritz Arndt University of Greifswald, Faculty of Law and Economics.
    13. Ian Bateman & Georgina Mace & Carlo Fezzi & Giles Atkinson & Kerry Turner, 2011. "Economic Analysis for Ecosystem Service Assessments," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 48(2), pages 177-218, February.
    14. Aldred, Jonathan, 2013. "Justifying precautionary policies: Incommensurability and uncertainty," Ecological Economics, Elsevier, vol. 96(C), pages 132-140.
    15. Giles Atkinson & Haripriya Gundimeda, 2006. "Accounting for India’s Forest Wealth," Development Economics Working Papers 22494, East Asian Bureau of Economic Research.
    16. Paavola, Jouni & Adger, W. Neil, 2006. "Fair adaptation to climate change," Ecological Economics, Elsevier, vol. 56(4), pages 594-609, April.
    17. De Groot, Rudolf & Van der Perk, Johan & Chiesura, Anna & van Vliet, Arnold, 2003. "Importance and threat as determining factors for criticality of natural capital," Ecological Economics, Elsevier, vol. 44(2-3), pages 187-204, March.
    18. Berrens, Robert P. & McKee, Michael & Farmer, Michael C., 1999. "Incorporating distributional considerations in the safe minimum standard approach: endangered species and local impacts," Ecological Economics, Elsevier, vol. 30(3), pages 461-474, September.

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