Internal Rate of Return in Environmental Decision-Making Highlights

(Project Description Expected September 1999)

Background. The IRR is Okay thesis was submitted to US Environmental Protection Agency and the National Science Foundation February 1, 1999 in response to their solicitation on Decision-Making and Valuation for Environmental Policy (DMVEP). Expect he proposal and reviews starting here when it is accepted or rejected--roughly September 1999.

Introduction. This Project Description, including the two special sections was submitted in three parts.

• Part 1 covers proposed research.
• Part 2 covers results from previous research.
• Part 3 combined the required EPA Policy Relevance and the NSF Data and Information Availability discussions.

Statement of Work (SOW). This proposal is submitted in response to EPA/NSF solicitation on Decision-Making and Valuation for Environmental Policy (DMVEP):

• "The DDMVEP competition encourages research that will contribute to the development of practical, credible approaches for estimating the benefits and costs of environmental programs and improving decision-making about environmental issues."
• "Because benefit-cost analyses are now required as input to the environmental policy making process at the federal level, and increasingly at the state level as well, a primary focus of the competition has been research on improving methods for estimating costs and benefits of environmental programs."

Objective. The overriding objective of this proposed research is to determine the extent to which a Relevant or Revisited Internal Rate of Return (RIRR) might enhance current and upcoming EPA programs and analyses. (RIRR is used to distinguish the proposed IRR algorithm from the traditional "IRR.")

Reviews. (Links go here.)

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