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Assessing contaminated land cleanup costs and strategies

Author

Listed:
  • Pauline Barrieu

    (LSE - Department of Statistics - London School of Economics - LSE - London School of Economics and Political Science)

  • Nadine Bellamy

    (UEVE - Université d'Évry-Val-d'Essonne)

  • Bernard Sinclair-Desgagné

    (SKEMA Business School - SKEMA Business School)

Abstract

The remediation of contaminated sites is often subject to substantial cost overruns. This persistent discrepancy between estimated and realized costs is chiefly responsible for misguided land use and wasteful delays in the reconversion of former industrial sites. In order to deal with incomplete information and uncertainty in this context, this paper draws on stochastic modeling and mathematical finance methods. We show that relatively simple and usable formulas can then be derived for better assessing cleanup strategies. These formulas apply to generic remediation technologies and scenarios. They are robust to misspecification of key parameters (like the effectiveness of a prescribed treatment). They also yield practical rules for decision making and budget provisioning.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Pauline Barrieu & Nadine Bellamy & Bernard Sinclair-Desgagné, 2017. "Assessing contaminated land cleanup costs and strategies," Post-Print halshs-02292808, HAL.
    • Handle: RePEc:hal:journl:halshs-02292808
    DOI: 10.1016/j.apm.2016.10.015
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    JEL classification:

    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
    • F3 - International Economics - - International Finance
    • G3 - Financial Economics - - Corporate Finance and Governance

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