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Clean Water Act BriefKenneth J. ArrowStanford University - Department of Economics William J. BaumolNew York University - Stern School of Business, Berkley Center for Entrepreneurial Studies; Leonard N. Stern School of Business - Department of Economics Jagdish BhagwatiColumbia University - Council on Foreign Relations Michael J. BoskinStanford University - The Hoover Institution on War, Revolution and Peace; National Bureau of Economic Research (NBER) Robert W. CrandallBrookings Institution; AEI-Brookings Joint Center for Regulatory Studies Maureen CropperWorld Bank; University of Maryland; Research Triangle Institute - Center for Economics Research (CER) Michael GreenstoneMassachusetts Institute of Technology (MIT) - Department of Economics; National Bureau of Economic Research (NBER) Robert W. HahnUniversity of Oxford, Smith School; Georgetown University David HarrisonNERA Economic Consulting R. Glenn HubbardColumbia Business School - Finance and Economics; National Bureau of Economic Research (NBER) Alfred E. KahnDeceased - National Economic Research Associates Inc. (NERA) Robert E. LitanEwing Marion Kauffman Foundation; AEI-Brookings Joint Center for Regulatory Studies Paul W. MacAvoyYale School of Management; Yale Graduates Energy Study Group James C. Miller IIIGeorge Mason University - Center for Study of Public Choice Albert L. NicholsNERA Economic Consulting William A. NiskanenCato Institute Roger G. NollStanford University - Department of Economics Wallace E. OatesUniversity of Maryland - Department of Economics; Resources for the Future Peter PassellMilken Institute Sam PeltzmanUniversity of Chicago - Booth School of Business; National Bureau of Economic Research (NBER) Paul PortneyUniversity of Arizona - Eller College of Management Harvey S. RosenPrinceton University - Department of Economics; National Bureau of Economic Research (NBER); CESifo (Center for Economic Studies and Ifo Institute for Economic Research) Milton RussellUniversity of Tennessee, Knoxville Thomas C. SchellingUniversity of Maryland Richard SchmalenseeMassachusetts Institute of Technology (MIT) - Sloan School of Management; National Bureau of Economic Research (NBER) Charles L. SchultzeBrookings Institution V. Kerry SmithArizona State University (ASU) - Economics Department; National Bureau of Economic Research (NBER) Vernon L. SmithChapman University - Economic Science Institute; Chapman University School of Law Robert N. StavinsHarvard University - Harvard Kennedy School (HKS); Resources for the Future; National Bureau of Economic Research (NBER) W. Kip ViscusiVanderbilt University - Law School; National Bureau of Economic Research (NBER); Vanderbilt University - Department of Economics; Vanderbilt University - Owen Graduate School of Management; Vanderbilt University - Strategy and Business Economics Lawrence J. WhiteNew York University (NYU) - Leonard N. Stern School of Business; Leonard N. Stern School of Business - Department of Economics Richard J. ZeckhauserHarvard University - Harvard Kennedy School (HKS); National Bureau of Economic Research (NBER) July, 21 2008 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.
Number of Pages in PDF File: 27 Accepted Paper SeriesDate posted: July 27, 2008Suggested CitationContact Information
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