Abstract

http://ssrn.com/abstract=721122
 
 

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The Precautionary Principle as a Basis for Decision Making


Robert W. Hahn


University of Oxford, Smith School; Georgetown University

Cass R. Sunstein


Harvard Law School


The Economist's Voice, Vol. 2, No. 2, Article 8, 2005

Abstract:     
Over the coming decades, the increasingly popular "precautionary principle" is likely to have a significant impact on policies all over the world. Applying this principle could lead to dramatic changes in decision making. Possible applications include climate change, genetically modified food, nuclear power, homeland security, new drug therapies, and even war.

We argue that the precautionary principle does not help individuals or nations make difficult choices in a non-arbitrary way. Taken seriously, it can be paralyzing, providing no direction at all. In contrast, balancing costs against benefits can offer the foundation of a principled approach for making difficult decisions.

Number of Pages in PDF File: 11

Keywords: precautionary principle, decisions, non-arbitrary

JEL Classification: H00

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Date posted: May 9, 2005  

Suggested Citation

Hahn, Robert W. and Sunstein, Cass R., The Precautionary Principle as a Basis for Decision Making. The Economist's Voice, Vol. 2, No. 2, Article 8, 2005. Available at SSRN: http://ssrn.com/abstract=721122

Contact Information

Robert W. Hahn (Contact Author)
University of Oxford, Smith School ( email )
Oxford
United Kingdom
Georgetown University
Georgetown Center for Business and Public Policy
Washington, DC 20057
United States
Cass R. Sunstein
Harvard Law School ( email )
1575 Massachusetts Ave
Areeda Hall 225
Cambridge, MA 02138
United States
617-496-2291 (Phone)
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