Implementing the Safe Minimum Standard Approach: Two Case Studies from the U.S. Endangered Species Act
Michael McKee and
Land Economics, 1998, vol. 74, issue 2, 147-161
In situations characterized by true uncertainty and potential irreversibility, the safe minimum standard (SMS) approach is a decision rule to protect some critical natural resource-unless the social costs of doing so are somehow "intolerable." The SMS has been discussed widely, but actual case studies remain rare. We present two case studies, focusing on endangered fishes in the Colorado and Virgin River systems, demonstrating that the legal framework of the U.S. Endangered Species Act (ESA) is consistent with the SMS. The case studies incorporate the results from applied general equilibrium modeling and provide an avenue for investigating excessive economic consequences.
JEL-codes: Q26 (search for similar items in EconPapers)
References: Add references at CitEc
Citations: View citations in EconPapers (7) Track citations by RSS feed
Downloads: (external link)
A subscripton is required to access pdf files. Pay per article is available.
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:uwp:landec:v:74:y:1998:i:2:p:147-161
Access Statistics for this article
More articles in Land Economics from University of Wisconsin Press
Bibliographic data for series maintained by ().