cor'."'rrrE !&II!'! BENEX'ITS OF ENVTRONMENTAL, HEALTH, AND ...

42
validity or of the efiect of alternative judgments on the -- benelit -"'-' esti_
mates. Suclr judgmonts are madc.in at lea'st fi-ve ar"uri
,(.t). Urerumpltot.is on mo et[zqble b, ttefts._Often, benehts
wlrrcll r.lrin_ol bc r.lgorously qutntified or puC in monetarv terms
or omirl
l:"_l:_-"iqh":,J"d
ed f rorn anu lyses. Such .,intarigi
bles,
1: qiTJ-Tg .,ll "' r rrg. psl.r.JrotogicaJ drmlge produced by hizards,
or aes[net tc deg.r dallon at.e often umiltcd.frorn rrrll]:ses or are
le::.Tr::i o|-r{1!nelly., I rre non_moner izalrle costs of -illness,
in_
lurJ,
enq dearh may be large conpared with the monetizible
rosses such as lost rncome or.medical costs,
,flus,
focusing only on
monetr?able benclits may glerrtly undervllo. tt "-G"o'nL ot a
regu.l0,tlon.
(n) Assigning arlu$ 1e injury or deat,h._A major problem in
-_,,-nt,)l* O,"nt|'its rs whet,her.and how ro assign a r:alui to.injury
or .toss o^f.llfe. -Oftcn, rn tle studies that werd reviewed. the Lsti_
mates ol benehts depend hear ily on rJre usrignmenL o{ mo clary
vatues 10 these outconles even tlrough tlrere is no colrsensus on
horv.to do so, or on rlherlrer doing so l"=", "" opp-["int". *-"
.(iii1 T-/w r$e of irulireu pt oced.ur$ to detennine ecorwniz
eat ues.*l,rocul\rres such:ri u-ill ingness_t o-pay or. revea)ed pref_
elerrces requ.i r.e Jreroic assur r Lpl ion.-about lrdw-$.el I mui k"G roort
or_ho-\v,rreLt peopte undersrard ihe risks they face. It is by no
means c.teal. Lirat flre r.pprorclLes ar.e \'llid, esfecially in the case
or long-term health ha,zards-
(iv | I'reatmc nt ol bene/its occutring ot d)f erent tines._Oftnn
i::tiil";."1,1:T,{lii.i}'fr if"','r'J,ilt jll#.Tl';:"H jii,,"T, ff;
the values.of thcie quantities are rhen aG""rnila """.'ii-u -
pre{ls9ly fhe bamc manner cs monetarJ cosls or benefiis. fn tlrds
$ruauon..the magnrtudos of benefits lnd costs depend heavilv
on tno dlscounl, Iate clrosen. Ful.tl re r.trror.e. goo,l iLealtlr and "a
clean environment ar.e becorning more hiElil]:;alu;cl* o"i.'"rl rr_u
l-e.lative lo oilrer guuds. Discourrii|'g such b%n;fit; i; ;ni"*n, ,,*"
rn Lne same way o||e dNcounls costs obscrrres the incieasinrr rela_
tive- yalue of thi benefits. Further, ai""" *ooiuty t u. .oH"'.?"porrsibilirJ
lor rts irreversible r'mpacts on f"t"* g""."."t1""s. binefits
f,nal oc,cur rar rn te iutul.c must bc calcfully considered and
included.
, (r) fdA posl u tp--ln -marly studies it is impticir lv assumed
rnur socrerJ \\.outd puy thc same irnount 10 reduce thi risk
llKerJ
of a
e\-cnr, or to$-se\cnly rat ii u.ould pay io rcdunc the risk
:^f *Lql,l,j: y 91911
of hilh ser"rirr. rro""i..r, soci"r.;: "pp"u""
ro De wlltrn!. to oav comna rflt tve ly mor.e t o ar oid fhe mo-re si,iious,
although tess ti)*eiy, evinr. In f;:,i,ll,"ld;j;,;,i" r,'llr"o"Ji"" "r
::,tll lg*n"il" require tlrrt special effolrs b-e made to avoid espe_
clallv gTaye hflrm.
(vi) Di*tri.bution_ ol costs,.and. bgpefrts arytng indiai.d.uals,
q:!!?t- _.[Iany
!!d,t;r,r.
srudies
"wf,,
avoid ciiscussing
wno c"j". "rU
toses, rI jurvone, wlrcn a rrguJrtion is put in-place io control
a lrazrrd. Yct. sbcieiv is concer.ned .\rtth
\.lro.paJs and who gains,
and failure to examine this aspect of .eguli,tion suU_"ini" un