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| Author: | Forsyth, M. |
| Title: | The Economics of Site Investigation for Groundwater Protection: Sequential Decision Making under Uncertainty |
| Journal: | Journal of Environmental Economics and Management
1997 : SEP, Vol. 34:1, p. 1-31 |
| Index terms: | DECISION MAKING UNCERTAINTY WATER POLLUTION |
| Language: | eng |
| Abstract: | Rehabilitation of areas of contaminated groundwater often involves significant costs for site investigation. Whether to undertake a site investigation and when to bring an ongoing investigation to a closure are requested facing decision makers at many contaminated sites across North America. A model based on the Variable Sample Size Sequential Probability Ratio test is developed to determine how much time and money should be invested in a hydrogeological site investigation and what final policy decision should be adopted. This type of model has many potential applications in environmental policy-making in which expected payoffs are uncertain and costs , once incurred, are irreversible. |
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