TY - CHAP AB - Strong versions of the Precautionary Principle (PP) require regulators to prohibit or impose technology controls on activities that pose uncertain risks of possibly significant environmental harm. This decision rule is conceptually unsound and would diminish social welfare. Uncertainty as such does not justify regulatory precaution. While they should reject PP, regulators should take appropriate account of societal aversion to risks of large harm and the value of obtaining additional information before allowing environmentally risky activities to proceed. VL - 20 SN - 978-0-76230-888-0, 978-1-84950-157-6/0193-5895 DO - 10.1016/S0193-5895(02)20005-6 UR - https://doi.org/10.1016/S0193-5895(02)20005-6 AU - Stewart Richard B. ED - Timothy Swanson PY - 2002 Y1 - 2002/01/01 TI - Environmental regulatory decision making under uncertainty T2 - An Introduction to the Law and Economics of Environmental Policy: Issues in Institutional Design T3 - Research in Law and Economics PB - Emerald Group Publishing Limited SP - 71 EP - 126 Y2 - 2024/03/28 ER -