Preventing Damage from Major Oil Spills: Lessons from the Exxon Valdez

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Show simple item record Carson, Richard en_US Walsh, Sheila en_US
dc.contributor.editor en_US 2012-02-02T06:35:20Z 2012-02-02T06:35:20Z 2006 en_US
dc.identifier 2010000880 en_US
dc.identifier.citation Carson Richard and Walsh Sheila 2006, 'Preventing Damage from Major Oil Spills: Lessons from the Exxon Valdez', Institut Oceanographique de Paris, vol. 32, no. 3/4, pp. 349-372. en_US
dc.identifier.issn 0182-0745 en_US
dc.identifier.other C1UNSUBMIT en_US
dc.description.abstract Recent widespread damage from oil spills in Europe suggests that the current legal and economic framework does not provide a mechanism for preventing oil spill damages. The process by which a preventative mechanism arose in the United States following the Exxon Valdez oil spill may provide some lessons for Europe. The key to reducing oil spill damages is to create an incentive for prevention by increasing the damages a shipper of oil has to pay for a major oil spill. The simple economic argument is that shippers facing greater liability for damages will make greater efforts to prevent oil spills and to contain oil spills that have occurred. These greater efforts will be taken up to the point where the expected marginal prevention/containment cost is equal to the expected marginal change in the level of liability. Translating this economic solution into a preventative legal and economic framework for oil spill damages requires ensuring that an optimal level of prevention is achieved by using appropriate damage assessment methods that are part of a coherent administrative and legal framework. This framework must also address the potential for undesired responses, provide prior planning to facilitate prevention and containment, and make decisions about how to allocate resources to initial response, restoration, and compensation. These key issues are discussed by examining the process surrounding the Exxon Valdez oil spill in the United States. en_US
dc.language en_US
dc.publisher Institut Oceanographique de Paris en_US
dc.title Preventing Damage from Major Oil Spills: Lessons from the Exxon Valdez en_US
dc.parent Oceanis en_US
dc.journal.volume 32 en_US
dc.journal.number 3/4 en_US
dc.publocation Paris en_US
dc.identifier.startpage 349 en_US
dc.identifier.endpage 372 en_US BUS.Faculty of Business en_US
dc.conference Verified OK en_US
dc.for 050200 en_US
dc.personcode 100722 en_US
dc.personcode 0000065790 en_US
dc.percentage 100 en_US Environmental Science and Management en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US en_US
dc.location.activity en_US
dc.description.keywords natural resource damage assessment, environmental liability, oil spills, liability, prevention, contingent valuation, Exxon Valdez en_US

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