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The Rationality of a Safe Minimum Standard

Author

Listed:
  • Michael C. Farmer
  • Alan Randall

Abstract

The Safe Minimum Standard (SMS) is a policy shift to safety defaults to forestall irreversible outcomes. Critics charge an inconsistency: what justifies "business as usual" cannot also justify switching to the SMS. Currently the SMS is only a procedural shift where economic optimality procedures are buttressed by extra-special focus on uncertainty. Yet social welfare function may not be complete enough, warranting a more fundamental SMS shift. Numerous moral positions support this SMS approach. This SMS also operationalizes the intolerable cost as a trigger point, noting societies with lower tolerance for sacrifice must trigger the SMS earlier.

Suggested Citation

  • Michael C. Farmer & Alan Randall, 1998. "The Rationality of a Safe Minimum Standard," Land Economics, University of Wisconsin Press, vol. 74(3), pages 287-302.
    • Handle: RePEc:uwp:landec:v:74:y:1998:i:3:p:287-302
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    JEL classification:

    • Q20 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - General

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