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Implementing Precaution in Benefit-Cost Analysis : The Case of Deep Seabed Mining

Author

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  • Krutilla,Kerry Mace
  • Good,David Henning
  • Toman,Michael A.
  • Arin,Tijen

Abstract

The cumulative extraction of terrestrial mineral deposits has led the mining industry to begin exploring seabed resources. The prospect of commercialized seabed mining poses major regulatory challenges for the International Seabed Authority and countries with mineral resources in their coastal jurisdictions. The European Union and the World Bank have initiated projects to build capacity to manage seabed mining activities. A particular concern is the nature of the economic evaluation that should be required for the assessment of mining leases. This study reviews the academic literature on economic decision making under deep uncertainty and makes recommendations for incorporating precautionary measures within the benefit-cost analysis of seabed mining operations.

Suggested Citation

  • Krutilla,Kerry Mace & Good,David Henning & Toman,Michael A. & Arin,Tijen, 2020. "Implementing Precaution in Benefit-Cost Analysis : The Case of Deep Seabed Mining," Policy Research Working Paper Series 9307, The World Bank.
    • Handle: RePEc:wbk:wbrwps:9307
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    References listed on IDEAS

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    Keywords

    Mining&Extractive Industry (Non-Energy); Global Environment; Hydrology; International Trade and Trade Rules;
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