Information Asymmetries, Uncertainties, and Cleanup Delays at Superfund Sites
AbstractSuperfund cleanup has been extremely slow. Traditional analysis has centered around reducing negotiation and litigation to expedite the cleanup process. We investigate other factors which provide possible incentives for delay, namely, discounting, risk aversion, and compensation for off-site damage. We find that liability share plays an essential role in PRPs' incentives to delay. Commonly adopted EPA strategies, such as negotiating with PRP steering committees and buying outde minimisPRPs, may also lead to delay. The paper also designs a Bayesian mechanism for information extraction, and finds that the lump-sum transfer mechanism is not always efficient.
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 1256.
Date of creation: 01 Jan 1998
Date of revision:
Publication status: Published in Journal of Environmental Economics and Management, January 1998, vol. 35 no. 1, pp. 48-68
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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
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Web page: http://www.econ.iastate.edu
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Other versions of this item:
- Rausser, Gordon C. & Simon, Leo K. & Zhao, Jinhua, 1998. "Information Asymmetries, Uncertainties, and Cleanup Delays at Superfund Sites," Journal of Environmental Economics and Management, Elsevier, vol. 35(1), pages 48-68, January.
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- Rausser, Gordon C. & Simon, Leo K. & Zhao, Jinhua, 1999.
"Cleanup delays at hazardous waste sites: an incomplete information game,"
CUDARE Working Paper Series
839, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
- Rausser, Gordon C. & Simon, Leo K. & Zhao, Jinhua, 1999. "Cleanup delays at hazardous waste sites: an incomplete information game," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt2m01d1r0, Department of Agricultural & Resource Economics, UC Berkeley.
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