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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. 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.
    2. 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.
    3. 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.
    4. 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.
    5. Margolis, Michael & Naevdal, Eric, 2004. "Safe Minimum Standards in Dynamic Resource Problems—Conditions for Living on the Edge of Risk," Discussion Papers dp-04-03, Resources For the Future.
    6. Aldred, Jonathan, 2013. "Justifying precautionary policies: Incommensurability and uncertainty," Ecological Economics, Elsevier, vol. 96(C), pages 132-140.
    7. 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.
    8. Irmi Seidl & Clem Tisdell, 2001. "Neglected Features of the Safe Minimum Standard: Socio-economic and Institutional Dimensions," Review of Social Economy, Taylor & Francis Journals, vol. 59(4), pages 417-442.
    9. 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.
    10. 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.
    11. Giles Atkinson & Haripriya Gundimeda, 2006. "Accounting for India’s Forest Wealth," Working Papers 2006-05, Madras School of Economics,Chennai,India.
    12. Baumgärtner, Stefan & Quaas, Martin F., 2009. "Ecological-economic viability as a criterion of strong sustainability under uncertainty," Ecological Economics, Elsevier, vol. 68(7), pages 2008-2020, May.
    13. Toman, Michael & Pezzey, John C., 2002. "The Economics of Sustainability: A Review of Journal Articles," Discussion Papers dp-02-03, Resources For the Future.
    14. Giles Atkinson & Haripriya Gundimeda, 2006. "Accounting for India’s Forest Wealth," Development Economics Working Papers 22494, East Asian Bureau of Economic Research.
    15. 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.
    16. 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.
    17. Paavola, Jouni & Adger, W. Neil, 2006. "Fair adaptation to climate change," Ecological Economics, Elsevier, vol. 56(4), pages 594-609, April.
    18. 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.

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