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Perpetuating Puffery: An Analysis of the Composition of OMB's Reported Benefits of Regulation

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  • Susan E Dudley

Abstract

The Office of Management and Budget reports that the benefits of regulations issued over the last decade exceed the costs by an order of magnitude. But how accurate are those estimates? Over 80 percent of total reported regulatory benefits derive from three sources: (1) reductions of fine particles in the air as a direct result of regulation, (2) the co-benefits achieved from ancillary reductions in these particles as an indirect result of regulation, and (3) private savings for which agencies have offered no market failure explanation. This article critically examines the approaches and assumptions behind these estimates, and suggests that the reported benefits should be viewed with some skepticism.

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  • Susan E Dudley, 2012. "Perpetuating Puffery: An Analysis of the Composition of OMB's Reported Benefits of Regulation," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 47(3), pages 165-176, July.
    • Handle: RePEc:pal:buseco:v:47:y:2012:i:3:p:165-176
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    Cited by:

    1. Joseph Aldy & Matthew J. Kotchen & Mary Evans & Meredith Fowlie & Arik Levinson & Karen Palmer, 2021. "Cobenefits and Regulatory Impact Analysis: Theory and Evidence from Federal Air Quality Regulations," Environmental and Energy Policy and the Economy, University of Chicago Press, vol. 2(1), pages 117-156.
    2. Broughel, James & Viscusi, Kip, 2017. "Death by Regulation: How Regulations Can Increase Mortality Risk," Working Papers 06864, George Mason University, Mercatus Center.

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