Resource Policy Analysis: Quality Control with Uncertainty
Donna J. Lee
No 271015, 1990 Annual meeting, August 5-8, Vancouver, Canada from American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association)
Random events often confound legislative efforts to achieve resource quality goals. Quality control activities can improve resource quality and can reduce the associated risk. Lack of sufficient information and risk averse behavior can cause legislators to overinvest in control. Incorrect assumptions regarding the risk involved can similarly lead to underinvestment. A methodology for evaluating resource policy when the outcome is uncertain is described in this paper. The model is applied to water quality in a heavily developed western river basin.
Keywords: Resource /Energy Economics and Policy; Risk and Uncertainty (search for similar items in EconPapers)
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