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Clean Water Act Brief
Kenneth J. Arrow Stanford University - Department of Economics William J. Baumol New York University - Stern School of Business, Berkley Center for Entrepreneurial Studies Jagdish Bhagwati Columbia University - Council on Foreign Relations Michael J. Boskin Stanford University - The Hoover Institution on War, Revolution and Peace; National Bureau of Economic Research (NBER) Robert W. Crandall Brookings Institution; AEI-Brookings Joint Center for Regulatory Studies Maureen Cropper World Bank; University of Maryland; Research Triangle Institute - Center for Economics Research (CER) Michael Greenstone Massachusetts Institute of Technology (MIT) - Department of Economics; National Bureau of Economic Research (NBER); American Bar Foundation Robert W. Hahn University of Manchester; University of Oxford, Smith School; Georgetown University David Harrison NERA Economic Consulting R. Glenn Hubbard Columbia Business School; National Bureau of Economic Research (NBER) Alfred E. Kahn National Economic Research Associates Inc. (NERA) Robert E. Litan Ewing Marion Kauffman Foundation; AEI-Brookings Joint Center for Regulatory Studies Paul W. MacAvoy Yale School of Management James C. Miller III George Mason University - Center for Study of Public Choice Albert L. Nichols NERA Economic Consulting William A. Niskanen Cato Institute Roger G. Noll Stanford University - Department of Economics Wallace E. Oates University of Maryland - Department of Economics; Resources for the Future Peter Passell Milken Institute Sam Peltzman University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER) Paul Portney University of Arizona - Eller College of Management Harvey S. Rosen Princeton University - Department of Economics; National Bureau of Economic Research (NBER); CESifo (Center for Economic Studies and Ifo Institute for Economic Research) Milton Russell University of Tennessee, Knoxville Thomas C. Schelling University of Maryland Richard Schmalensee Massachusetts Institute of Technology (MIT) - Sloan School of Management; National Bureau of Economic Research (NBER) Charles L. Schultze Brookings Institution V. Kerry Smith Arizona State University - Economics Department; National Bureau of Economic Research (NBER) Vernon L. Smith Chapman University - Economic Science Institute; Chapman University School of Law Robert N. Stavins Harvard University - John F. Kennedy School of Government; Resources for the Future; National Bureau of Economic Research (NBER) W. Kip Viscusi Vanderbilt University - Law School; National Bureau of Economic Research (NBER); Vanderbilt University - Department of Economics; Vanderbilt University - Owen Graduate School of Management Lawrence J. White New York University - Leonard N. Stern School of Business Richard J. Zeckhauser Harvard University - John F. Kennedy School of Government; National Bureau of Economic Research (NBER) Reg-Markets Center Brief No. 08-03 Abstract: As economists, we believe that the Second Circuit's ruling, by not allowing the consideration of important information about the relationships between the benefits and costs of alternatives, is economically unsound. In particular, we believe that, as a general principle, regulators cannot make rational decisions unless they are allowed to compare costs and benefits and to use the results, along with other factors as appropriate, to choose among alternatives. To the extent permissible under the statute and case law, EPA should be allowed to consider benefits and costs in establishing rules for implementing s316(b). The Court's allowing EPA to consider benefits and costs would improve both the decision making process - by making it more transparent - and the regulatory decisions by allowing important relevant information to be considered explicitly. Accepted Paper Series Date posted: July 27, 2008 ; Last revised: July 27, 2008Suggested CitationContact Information
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