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Incorporating Equity in Regulatory and Benefit-Cost Analysis Using Risk Based Preferences

Robert Farrow ()

No 09-117, UMBC Economics Department Working Papers from UMBC Department of Economics

Abstract: Governmental guidance for regulatory and benefit-cost analysis is targeted for applied analysts. Existing Federal guidance recommends sensitivity analysis in general without being specific regarding the implicit distributional assumptions of standard benefit-cost analysis. Recommendations for Federal guidance are developed to: 1) better communicate expectations for distributional analysis, 2) develop guidance for descriptive statistics related to distributional issues, and 3) integrate Government published measures of inequality aversion and to evaluate compensation for identified sensitive populations. While such actions have a data collection and analysis cost, they may make the results of regulatory analysis more relevant by investigating both efficiency and equity measures.

Keywords: benefit; risk; equity; distribution; income (search for similar items in EconPapers)
JEL-codes: H5 I3 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2009-10-01
New Economics Papers: this item is included in nep-reg
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