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Assigning priority to environmental policy interventions in a heterogeneous world

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  • Paul J. Ferraro

    (Andrew Young School of Policy Studies, Georgia State University)

Abstract

Failure to consider costs as well as benefits is common in many policy initiatives and analyses, particularly in the environmental arena. Economists and other policy scientists have demonstrated that integrating both cost and benefit information explicitly into the policy process can be vital to ensuring that scarce funds go as far as they can toward achieving policy objectives. The costs of acquiring and analyzing such information, however, can be substantial. The objective of this paper is to help policy analysts and practitioners identify the conditions under which integrating cost and benefit information is likely to be vital to effective decisionmaking, and the conditions under which failing to use both cost and benefit data would result in little, if any, loss in efficiency. These points are illustrated through a conceptual discussion and an empirical analysis of a conservation initiative in the United States. © 2003 by the Association for Public Policy Analysis and Management.

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File URL: http://hdl.handle.net/10.1002/pam.10094
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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Journal of Policy Analysis and Management.

Volume (Year): 22 (2003)
Issue (Month): 1 ()
Pages: 27-43

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Handle: RePEc:wly:jpamgt:v:22:y:2003:i:1:p:27-43

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Web page: http://www3.interscience.wiley.com/journal/34787/home

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References

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  1. Babcock, Bruce A. & Lakshminarayan, P. G. & Wu, JunJie & Zilberman, David, 1996. "Economics of a Public Fund for Environmental Amenities (The)," Staff General Research Papers 1065, Iowa State University, Department of Economics.
  2. Stephen Polasky & Jeffrey D. Camm & Brian Garber-Yonts, 2001. "Selecting Biological Reserves Cost-Effectively: An Application to Terrestrial Vertebrate Conservation in Oregon," Land Economics, University of Wisconsin Press, vol. 77(1), pages 68-78.
  3. David Zilberman, 1996. "The Economics of a Public Fund for Environmental Amenities: A Study of CRP Contracts," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(4), pages 961-971.
  4. Benjamin M. Simon & Craig S. Leff & Harvey Doerksen, 1995. "Allocating scarce resources for endangered species recovery," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 14(3), pages 415-432.
  5. Gardner M. Brown & Jason F. Shogren, 1998. "Economics of the Endangered Species Act," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 3-20, Summer.
  6. Robert Innes & Stephen Polasky & John Tschirhart, 1998. "Takings, Compensation and Endangered Species Protection on Private Lands," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 35-52, Summer.
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Cited by:
  1. Ferraro, Paul J., 2008. "Asymmetric information and contract design for payments for environmental services," Ecological Economics, Elsevier, vol. 65(4), pages 810-821, May.
  2. Drechsler, Martin & Wätzold, Frank & Johst, Karin & Shogren, Jason F., 2010. "An agglomeration payment for cost-effective biodiversity conservation in spatially structured landscapes," Resource and Energy Economics, Elsevier, vol. 32(2), pages 261-275, April.
  3. Kousky, Carolyn & Walls, Margaret, 2013. "Floodplain Conservation as a Flood Mitigation Strategy: Examining Costs and Benefits," Discussion Papers dp-13-22-rev, Resources For the Future.
  4. Albers, Heidi J. & Robinson, Elizabeth J.Z., 2007. "Spatial-temporal aspects of cost-benefit analysis for park management: An example from Khao Yai National Park, Thailand," Journal of Forest Economics, Elsevier, vol. 13(2-3), pages 129-150, August.
  5. Vergamini, Daniele & Raggi, Meri & Viaggi, Davide, 2013. "Evaluating the potential contribution of spatially differentiated payments to the efficiency of Agri-Environmental Measures: A resource allocation model for Emilia Romagna (Italy)," 2013 Second Congress, June 6-7, 2013, Parma, Italy 150235, Italian Association of Agricultural and Applied Economics (AIEAA).
  6. Boyd, James & Epanchin-Niell, Rebecca & Siikamaki, Juha, 2012. "Conservation Return on Investment Analysis: A Review of Results, Methods, and New Directions," Discussion Papers dp-12-01, Resources For the Future.
  7. Perhans, Karin & Glöde, Dan & Gilbertsson, Jessica & Persson, Anette & Gustafsson, Lena, 2011. "Fine-scale conservation planning outside of reserves: Cost-effective selection of retention patches at final harvest," Ecological Economics, Elsevier, vol. 70(4), pages 771-777, February.
  8. Kousky, Carolyn & Walls, Margaret & Chu, Ziyan, 2013. "Flooding and Resilience: Valuing Conservation Investments in a World with Climate Change," Discussion Papers dp-13-38, Resources For the Future.

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