The benefit-transfer challenges

Kevin J. Boyle, Nicolai V. Kuminoff, Christopher F. Parmeter, Jaren C. Pope

Research output: Contribution to journalArticle

33 Scopus citations

Abstract

Presidential Executive Order 12,866 requires federal agencies to design "cost-effective" regulations and to assess "costs and benefits" of these regulations on the basis of "the best reasonably obtainable scientific, technical, economic, and other information." Benefit transfers are one economic approach used to estimate these benefits and costs, and the use of existing economic information to predict the effects of new policies is well established. However, advancing the practice of benefit transfers is crucial if economists are to play a role in developing federal policies. We review contributions to the benefit-transfer literature and present a unified conceptual framework to guide the design and evaluation of benefit-transfer guidelines.

Original languageEnglish (US)
Pages (from-to)161-182
Number of pages22
JournalAnnual Review of Resource Economics
Volume2
DOIs
StatePublished - Dec 1 2010

Keywords

  • Nonmarket valuation
  • Policy evaluation
  • Validity

ASJC Scopus subject areas

  • Economics and Econometrics

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