The Valuation of Environmental Risks and Hazardous Waste Policy

V. Kerry Smith and William H. Desvousges

Chapter 2 in The Economics of Environmental Risk, 2022, pp 30-38 from Edward Elgar Publishing

Abstract: This paper proposes an analytical framework for defining ex ante measures of the benefits associated with policies that reduce risk. The analysis does show that there is more than the usual estimation errors present in using expected ex post consumer surplus measures to indicate the benefits of policies designed to reduce risks. If an ex ante valuation framework is accepted as the one relevant to the application of benefit-cost analysis to policies associated with risk, then the benefit measures can be expected to differ from the ex post approximation. Our conceptual analysis provides documentation on why such caveats are especially important for this class of policy decisions.

Keywords: Economics and Finance; Environment; Politics and Public Policy (search for similar items in EconPapers)
Date: 2022
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