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Natural Resource Damage Assessment Methods: Lessons in Simplicity from State Trustees

Natural Resource Damage Assessment Methods: Lessons in Simplicity from State Trustees When natural resource damages are caused by releases of hazardous materials into the environment, government trustees must conduct Natural Resource Damage Assessments (NRDAs) to support claims to recover the value of lost or damaged resources. This article sets forth theoretical arguments that support efforts to develop unbiased simplified NRDA methods for use by government trustees and proposes a set of criteria that can be used to evaluate the quality of any such simplified method. The authors then describe the simplified methods being used by five states across the country, affording academic economists a rare view of the kinds of methods state agencies use in‐house. The article evaluates those methods against the criteria set forth and discusses the potential of other nonstate‐specific simplified NRDA methods (benefit transfer and Type A models) to do the job better. The new framework established can guide future research to design simplified methods that are less biased than the simplified methods currently in use by some states without compromising ease of implementation. (JEL Q5, K32) http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Contemporary Economic Policy Wiley

Natural Resource Damage Assessment Methods: Lessons in Simplicity from State Trustees

Contemporary Economic Policy , Volume 22 (4) – Oct 1, 2004

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References (15)

Publisher
Wiley
Copyright
Copyright © 2004 Wiley Subscription Services, Inc., A Wiley Company
ISSN
1074-3529
eISSN
1465-7287
DOI
10.1093/cep/byh037
Publisher site
See Article on Publisher Site

Abstract

When natural resource damages are caused by releases of hazardous materials into the environment, government trustees must conduct Natural Resource Damage Assessments (NRDAs) to support claims to recover the value of lost or damaged resources. This article sets forth theoretical arguments that support efforts to develop unbiased simplified NRDA methods for use by government trustees and proposes a set of criteria that can be used to evaluate the quality of any such simplified method. The authors then describe the simplified methods being used by five states across the country, affording academic economists a rare view of the kinds of methods state agencies use in‐house. The article evaluates those methods against the criteria set forth and discusses the potential of other nonstate‐specific simplified NRDA methods (benefit transfer and Type A models) to do the job better. The new framework established can guide future research to design simplified methods that are less biased than the simplified methods currently in use by some states without compromising ease of implementation. (JEL Q5, K32)

Journal

Contemporary Economic PolicyWiley

Published: Oct 1, 2004

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