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Gains, Losses, and the US-EPA Economic Analyses Guidelines: A Hazardous Product?

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  • Jack Knetsch

Abstract

While offering many useful suggestions to improve economic analyses, the Guidelines take no account of widely reported behavioural economics research findings. Foregoing the opportunities to improve valuations and other analyses offered by this evidence is likely to lead to inappropriate assessments and consequent distortions of damage estimates, policy and regulatory design. Copyright Springer 2005

Suggested Citation

  • Jack Knetsch, 2005. "Gains, Losses, and the US-EPA Economic Analyses Guidelines: A Hazardous Product?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 32(1), pages 91-112, September.
    • Handle: RePEc:kap:enreec:v:32:y:2005:i:1:p:91-112
    DOI: 10.1007/s10640-005-6029-z
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    1. Arrow, Kenneth J. & Cropper, Maureen L. & Eads, George C. & Hahn, Robert W. & Lave, Lester B. & Noll, Roger G. & Portney, Paul R. & Russell, Milson & Schmalensee, Richard & Smith, V. Kerry & Stavins, , 1997. "Is there a role for benefit-cost analysis in environmental, health, and safety regulation?," Environment and Development Economics, Cambridge University Press, vol. 2(2), pages 195-221, May.
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    Cited by:

    1. Spash, Clive L., 2007. "Deliberative Monetary Valuation (DMV) in Practice," MPRA Paper 101133, University Library of Munich, Germany.
    2. Spash, Clive L., 2015. "Bulldozing Biodiversity: The Economics of Optimal Extinction," SRE-Discussion Papers 2015/01, WU Vienna University of Economics and Business.
    3. Gowdy, John M., 2007. "Toward an experimental foundation for benefit-cost analysis," Ecological Economics, Elsevier, vol. 63(4), pages 649-655, September.
    4. Scarborough, Helen, 2011. "Intergenerational equity and the social discount rate," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 55(2), pages 1-14.
    5. Spash, Clive L., 2008. "The Contingent Valuation Method: Retrospect and Prospect," MPRA Paper 101234, University Library of Munich, Germany.
    6. Watson, Keri B. & Ricketts, Taylor & Galford, Gillian & Polasky, Stephen & O'Niel-Dunne, Jarlath, 2016. "Quantifying flood mitigation services: The economic value of Otter Creek wetlands and floodplains to Middlebury, VT," Ecological Economics, Elsevier, vol. 130(C), pages 16-24.
    7. Clive L. Spash, 2008. "Deliberative Monetary Valuation and the Evidence for a New Value Theory," Land Economics, University of Wisconsin Press, vol. 84(3), pages 469-488.
    8. Glenn Bush & Nick Hanley & Mirko Moro & Daniel Rondeau, 2013. "Measuring the Local Costs of Conservation: A Provision Point Mechanism for Eliciting Willingness to Accept Compensation," Land Economics, University of Wisconsin Press, vol. 89(3), pages 490-513.
    9. Jun, Eunju & Joon Kim, Won & Hoon Jeong, Yong & Heung Chang, Soon, 2010. "Measuring the social value of nuclear energy using contingent valuation methodology," Energy Policy, Elsevier, vol. 38(3), pages 1470-1476, March.
    10. John Gowdy & Aneel Salman, 2007. "Climate Change and Economic Development: A Pragmatic Approach (Invited Lecture)," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 46(4), pages 337-350.
    11. Lisa A. Robinson & James K. Hammitt, 2013. "Behavioral economics and the conduct of benefit–cost analysis: towards principles and standards," Chapters, in: Scott O. Farrow & Richard Zerbe, Jr. (ed.), Principles and Standards for Benefit–Cost Analysis, chapter 10, pages 317-363, Edward Elgar Publishing.
    12. Heinz Welsch & Jan Kühling, 2009. "Using Happiness Data For Environmental Valuation: Issues And Applications," Journal of Economic Surveys, Wiley Blackwell, vol. 23(2), pages 385-406, April.
    13. Clive L Spash, 2009. "Social Ecological Economics," Socio-Economics and the Environment in Discussion (SEED) Working Paper Series 2009-08, CSIRO Sustainable Ecosystems.
    14. Spash, Clive L. & Vatn, Arild, 2006. "Transferring environmental value estimates: Issues and alternatives," Ecological Economics, Elsevier, vol. 60(2), pages 379-388, December.
    15. Hatfield-Dodds, Steve & Morrison, Mark, 2010. "Confusing opportunity costs, losses and forgone gains: Assessing the effect of communication bias on support for climate change policy in the United States and Australia," Working Papers 249386, Australian National University, Centre for Climate Economics & Policy.
    16. Venkatachalam, L., 2008. "Behavioral economics for environmental policy," Ecological Economics, Elsevier, vol. 67(4), pages 640-645, November.
    17. Robert Sugden, 2005. "Coping with Preference Anomalies in Cost–Benefit Analysis: A Market-Simulation Approach," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 32(1), pages 129-160, September.
    18. Spash, Clive L., 2007. "Deliberative Monetary Valuation (DMV) in Theory," MPRA Paper 101132, University Library of Munich, Germany.
    19. Spash, Clive L., 2007. "Deliberative monetary valuation (DMV): Issues in combining economic and political processes to value environmental change," Ecological Economics, Elsevier, vol. 63(4), pages 690-699, September.
    20. Ryan, Anthony M. & Spash, Clive L., 2008. "Measuring “Awareness of Environmental Consequences”: Two Scales and Two Interpretations," MPRA Paper 101868, University Library of Munich, Germany.
    21. Jette Jacobsen & John Boiesen & Bo Thorsen & Niels Strange, 2008. "What’s in a name? The use of quantitative measures versus ‘Iconised’ species when valuing biodiversity," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 39(3), pages 247-263, March.

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