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An Overview and Evaluation of EPA's Guidelines for Conducting Regulatory Impact Analyses

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The EPA RIA Guidelines have the potential to lead to analyses that pay more attention to the relationship between a proposed regulation's monetizable benefits and costs. This should not downplay the significance in the decision process of nonmonetizable and unquantifiable benefits and costs or of distributional considerations. The ultimate effectiveness of the Guidelines will depend on enforcement both within EPA and by OMB. In turn, their enforcement will be affected by whether or not the benefit-cost requirement for significant rulemaking is given statutory force, in the author's view


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