Some environmental laws in the United States explicitly prohibit the use of benefit-cost analysis in some areas of environmental policy. For example, the Clean Air Act declares that air quality standards are to be determined purely on the basis of protecting public health with “an adequate margin of safety,” and forbids the administrator of the Environmental Protection Agency from considering costs in setting standards. Can you provide a critique of such an approach from the perspective of economic efficiency? What might be the consequences of such an approach? Now take a step back. From your own perspective, do you think such an approach is advisable? Why or why not?
Some environmental laws in the United States explicitly prohibit the use of benefit-cost analysis in some areas of environmental policy. For example, the Clean Air Act declares that air quality standards are to be determined purely on the basis of protecting public health with “an adequate margin of safety,” and forbids the administrator of the Environmental Protection Agency from considering costs in setting standards. Can you provide a critique of such an approach from the perspective of economic efficiency? What might be the consequences of such an approach? Now take a step back. From your own perspective, do you think such an approach is advisable? Why or why not?
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Some environmental laws in the United States explicitly prohibit the use of benefit-cost analysis in some areas of environmental policy. For example, the Clean Air Act declares that air quality standards are to be determined purely on the basis of protecting public health with “an adequate margin of safety,” and forbids the administrator of the Environmental Protection Agency from considering costs in setting standards. Can you provide a critique of such an approach from the perspective of economic efficiency? What might be the consequences of such an approach? Now take a step back. From your own perspective, do you think such an approach is advisable? Why or why not?
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