Incorporating distributional considerations in the safe minimum standard approach: endangered species and local impacts |
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Authors: | Robert P Berrens Michael McKee Michael C Farmer |
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Institution: | a Department of Economics, University of New Mexico, Albuquerque, NM 87131, USA;b School of Public Policy, Georgia Institute of Technology, Atlanta, GA 30334, USA |
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Abstract: | Explicitly incorporating current distributional concerns into the safe minimum standard (SMS) approach is the objective of this study. The SMS approach is a collective choice process that prescribes protecting a minimum level of a renewable natural resource unless the social costs of doing so are somehow excessive or intolerably high. More complete implementation of an SMS approach, if it is to be a pragmatic policy tool, requires that distributional considerations be included in determining whether the economic consequences of preservation actions are intolerable. Two case studies involving the US Endangered Species Act are used to illustrate how distributional concerns might be incorporated into the SMS approach. |
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Keywords: | Safe minimum standard Distributional consequences Endangered species |
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