| Abstract
| - Analyzing the effectiveness of environmental programsand regulations requires comparing the costs and benefitsof reducing different pollutants or further abatement. Tomake useful comparisons, the various benefits from reducedpollution must be translated into dollars. Unfortunately,estimating the dollar value of environmental damages iscomplicated, controversial, and generally uncertain. Oftenthese estimates have been misused. This paper identifiesthe need for benefit estimates, shows how they areconstructed, and demonstrates how they can be used toimprove environmental policy analysis.
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