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The Benefit-Cost Analysis of Security Focused Regulations

Security focused regulations have been largely exempt from the benefit-cost type of analysis required for major Federal regulations and done routinely in areas such as transportation, environment and safety. among the reasons offered for exemption are the analytical difficulties of security issues involving complex or poorly understood probabilities and consequences. This paper investigates the magnitude of security focused regulations, a framework for developing an expected costs analysis of regulations, and the current "break-even" analysis used by the Department of Homeland Security. Key assumptions implicit in the current analysis are identified and suggestions are made for the difficult evolution of security regulations toward a more explicit benefit-cost analysis.

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File URL: http://www.umbc.edu/economics/wpapers/wp_09_101_DHSFarrowShapiro.pdf
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Paper provided by UMBC Department of Economics in its series UMBC Economics Department Working Papers with number 09-101.

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Length: 24 pages
Date of creation: 29 Sep 2009
Date of revision:
Handle: RePEc:umb:econwp:09101
Contact details of provider: Postal: UMBC Department of Economics 1000 Hilltop Circle Baltimore MD 21250, USA
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Web page: http://www.umbc.edu/economics
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  1. George J. Borjas, 2005. "The Labor-Market Impact of High-Skill Immigration," American Economic Review, American Economic Association, vol. 95(2), pages 56-60, May.
  2. Viscusi, W Kip & Zeckhauser, Richard J, 2003. " Sacrificing Civil Liberties to Reduce Terrorism Risks," Journal of Risk and Uncertainty, Springer, vol. 26(2-3), pages 99-120, March-May.
  3. Rossiter, Adriana & Dresner, Martin, 2004. "The impact of the September 11th security fee and passenger wait time on traffic diversion and highway fatalities," Journal of Air Transport Management, Elsevier, vol. 10(4), pages 225-230.
  4. Scott Farrow, 2007. "The Economics Of Homeland Security Expenditures: Foundational Expected Cost-Effectiveness Approaches," Contemporary Economic Policy, Western Economic Association International, vol. 25(1), pages 14-26, 01.
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