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Improving the Regulatory Analysis of the Cooling Water Intake Structure Rule: What Does an Economist Want?

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  • Scott Farrow

    (UMBC)

Abstract

As part of an edited volume devoted to the usefulness of benefit-cost analysis to inform regulatory review, this chapter presents a case study of the regulation of cooling water intake structures (CWIS) at existing power plants. The chapter first focuses on the consistency of the CWIS benefit-cost analysis with quality criteria to which the agency might have been expected to adhere. Second, criteria and outcomes with respect to decision rules for the selected alternatives are investigated. Finally, the challenge faced by agency analysis is described due to the difficulty in linking ecological and economic impacts. Suggestions for improvement are noted. As of the date of writing, the regulation is under review by the Supreme Court.

Suggested Citation

  • Scott Farrow, 2008. "Improving the Regulatory Analysis of the Cooling Water Intake Structure Rule: What Does an Economist Want?," UMBC Economics Department Working Papers 09-102, UMBC Department of Economics.
    • Handle: RePEc:umb:econwp:09102
    as

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    File URL: http://www.umbc.edu/economics/wpapers/wp_09_102_CWISFarrow.pdf
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    References listed on IDEAS

    as
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    2. Robert W. Hahn & Richard L. Schmalensee & Roger Noll & Robert Stavins & Lester B. Lave & George C. Eads & Milton Russell & V. Kerry Smith & Maureen L. Cropper & Paul R. Portney & Kenneth J. Arrow, 1996. "Benefit-Cost Analysis in Environmental, Health, and Safety Regulation: A Statement of Principles," Books, American Enterprise Institute, number 51790, September.
    3. Spash, Clive L., 2007. "Deliberative monetary valuation (DMV): Issues in combining economic and political processes to value environmental change," Ecological Economics, Elsevier, vol. 63(4), pages 690-699, September.
    4. Robert W. Hahn & Patrick M. Dudley, 2007. "How Well Does the U.S. Government Do Benefit-Cost Analysis?," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 1(2), pages 192-211, Summer.
    5. John A. List & Robert P. Berrens & Alok K. Bohara & Joe Kerkvliet, 2004. "Examining the Role of Social Isolation on Stated Preferences," American Economic Review, American Economic Association, vol. 94(3), pages 741-752, June.
    6. repec:reg:rpubli:98 is not listed on IDEAS
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    Keywords

    Water; regulation; benefit-cost;
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