This post describes a new article forthcoming in the Journal of Benefic Cost Analysis, “When Benefit-Cost Analysis Becomes Optional: Regulatory Analysis at the Consumer Product Safety Commission in the CPSIA Era.” The article describes a familiar scenario for practitioners of regulatory benefit cost analysis: a high impact event followed by swift and forceful congressional action. In the Consumer Product Safety Commission (CPSC) case, the high impact event was a series of product recalls involving toys contaminated with lead. Congress’s response was to pass the Consumer Product Safety Improvement Act (CPSIA) and require several rulemakings.
Forty-three conference sessions covered topics presented by researchers and practitioners from around the world, reflecting the global applications of benefit-cost analysis and the reach of the Society. Presentations tackled subjects as diverse as the Olympics, taxes, crime prevention, international environmental agreements, sanitation, prohibition, deregulation, drawbridges, nudges, and the statistical value of a dog life. Discussants’ perspectives, questions and comments from audiences, and spirited talk during breaks and evening receptions were often as enlightening as the presentations themselves. It all came together to create an ideal event for those who care about benefit-cost analysis.