Cost-Effective Risk Management: Improving the Relationship Between Risks and Regulatory Requirements. G. Farber, P. Borst, and L. Luben, Environmental Protection Agency
Once wastes are determined to be hazardous, a comprehensive set of requirements is applied to anyone generating, transporting, treating, disposing, or otherwise managing the waste. These requirements can be burdensome, time-consuming, and expensive. EPA recognizes, furthermore, that some of the requirements are not likely to add significant additional protection against harm to human health and/or the environment. EPA has recently begun, therefore, to explore and test the extent to which more flexible and cost-effective regulatory strategies can be developed. In several listings, EPA has employed such strategies to move away from "one size fits all" regulation of hazardous wastes. This paper discusses these approaches, including contingent management regulations and concentration-based listings. It also reviews the Agency’s economic analyses in support of various listing determinations, which serve to demonstrate the benefits of these more targeted regulatory strategies.
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