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THE INFORMATIONAL REQUIREMENTS FOR EFFECTIVE REGULATORY REVIEW: AN ANALYSIS OF THE EPA LEAD STANDARD |
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| Authors: | W. Kip Viscusi |
| Affiliation: | W. KIP VISCUSI is the Director of the Center for the Study of Business Regulation and IBM Research Professor, Fuqua School of Business, Duke University. He sewed as Deputy Director of the Carter Administration's Council on Wage and Price Stability. His publications in this area include Employment Hazards: An Investigation of Market Performance;and a forthcoming sequel on risk regulation, both published by Haward University Press. |
| Abstract: | The shortcomings of the EPA lead standard were largely determined by the requirements of the Clean Air Act. EPA's analysis was inadequate since the underlying risks were modelled in terms of critical thresholds irrespective of the particular probability of the adverse health outcome associated with the exposure. The informational requirements for meaningful review are compared with the actual benefit and cost data provided by EPA. The misplaced EPA approach prevented the generation of appropriate information on which to base a policy decision and hampered the subsequent review efforts by the White House oversight group. It is doubtful whether any oversight effort can be fully effective without a major change in the Clean Air Act. |
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