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The first five years of the EU Impact Assessment system: a risk economics perspective on gaps between rationale and practice

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  • Jacopo Torriti
  • Ragnar Löfstedt

Abstract

In 2003, the European Commission (EC) started using Impact Assessment (IA) as the main empirical basis for its major policy proposals. The aim was to systematically assess ex ante the economic, social and environmental impacts of European Union (EU) policy proposals. In parallel, research proliferated in search for theoretical grounds for IAs and in an attempt to evaluate empirically the performance of the first sets of IAs produced by the EC. This paper combines conceptual and evaluative studies carried out in the first five years of EU IAs. It concludes that the great discrepancy between rationale and practice calls for a different theoretical focus and a higher emphasis on evaluating empirically crucial risk economics aspects of IAs, such as the value of statistical life, price of carbon, the integration of macroeconomic modelling and scenario analysis.

Suggested Citation

  • Jacopo Torriti & Ragnar Löfstedt, 2012. "The first five years of the EU Impact Assessment system: a risk economics perspective on gaps between rationale and practice," Journal of Risk Research, Taylor & Francis Journals, vol. 15(2), pages 169-186, February.
    • Handle: RePEc:taf:jriskr:v:15:y:2012:i:2:p:169-186
    DOI: 10.1080/13669877.2011.634512
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    References listed on IDEAS

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    1. Lee, Norman & Kirkpatrick, Colin, 2004. "A Pilot Study of the Quality of European Commission Extended Impact Assessment," Impact Assessment Research Centre (IARC) Working Papers 30580, University of Manchester, Institute for Development Policy and Management (IDPM).
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    Cited by:

    1. Anja Bauer & Leo Capari & Daniela Fuchs & Titus Udrea, 2023. "Diversification, integration, and opening: developments in modelling for policy," Science and Public Policy, Oxford University Press, vol. 50(6), pages 977-987.
    2. Jacopo Torriti, 2017. "The Risk of Residential Peak Electricity Demand: A Comparison of Five European Countries," Energies, MDPI, vol. 10(3), pages 1-14, March.
    3. Christopher Carrigan & Stuart Shapiro, 2017. "What's wrong with the back of the envelope? A call for simple (and timely) benefit–cost analysis," Regulation & Governance, John Wiley & Sons, vol. 11(2), pages 203-212, June.
    4. Lee Yong-Shik, 2015. "Call for a New Analytical Model for Law and Development," The Law and Development Review, De Gruyter, vol. 8(1), pages 1-67, June.

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