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Managing The Risks Of Shale Gas Development Using Innovative Legal And Regulatory Approaches, Sheila Olmstead, Nathan Richardson
Managing The Risks Of Shale Gas Development Using Innovative Legal And Regulatory Approaches, Sheila Olmstead, Nathan Richardson
William & Mary Environmental Law and Policy Review
Booming production of oil and gas from shale enabled by hydraulic fracturing technology has led to tension between hoped-for economic benefits and feared environmental and other costs, with great associated controversy. Studies of how policy can best react to these challenges and how it can balance risk and reward have focused on prescriptive regulatory responses and, to a somewhat lesser extent, voluntary industry best practices. While there is undoubtedly room for improved regulation, innovative tools are relatively understudied. The liability system predates environmental regulation yet still plays an important—and in some senses predominant—role. Changes to that system, including burden-shifting rules …
Disagreement And Design: Searching For Consensus In The Climate Policy And Intergenerational Discounting Debate, Michael A. Kane
Disagreement And Design: Searching For Consensus In The Climate Policy And Intergenerational Discounting Debate, Michael A. Kane
William & Mary Environmental Law and Policy Review
Current approaches to discounting in climate policy present a seemingly intractable problem. While it is widely recognized that choice of discount rate in climate models can easily dwarf the effect of other parameter inputs, there is at present a very wide disagreement, both in law and in economics, about the appropriate discount rate to use. This Paper provides a framework for achieving a workable consensus range for acceptable discount rates in climate models. It does so by emphasizing three factors previously ignored in the literature. First, it demonstrates that the choice of discount rate should be tailored to the type …