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

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dc.contributor.author Carson, R
dc.contributor.author Walsh, SM
dc.date.accessioned 2012-02-02T06:35:20Z
dc.date.issued 2006-01
dc.identifier.citation Oceanis, 2006, 32 (3/4), pp. 349 - 372
dc.identifier.issn 0182-0745
dc.identifier.other C1UNSUBMIT en_US
dc.identifier.uri http://hdl.handle.net/10453/14779
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.
dc.format Scott McWhirter
dc.publisher Institut Oceanographique de Paris
dc.title Preventing Damage from Major Oil Spills: Lessons from the Exxon Valdez
dc.type Journal Article
dc.parent Oceanis
dc.journal.volume 3/4
dc.journal.volume 32
dc.journal.number 3/4 en_US
dc.publocation Paris en_US
dc.identifier.startpage 349 en_US
dc.identifier.endpage 372 en_US
dc.cauo.name BUS.Faculty of Business en_US
dc.conference Verified OK en_US
dc.for 0502 Environmental Science and Management
dc.personcode 100722
dc.percentage 100 en_US
dc.classification.name Environmental Science and Management en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity 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
dc.description.keywords NA
dc.description.keywords natural resource damage assessment, environmental liability, oil spills, liability, prevention, contingent valuation, Exxon Valdez
pubs.embargo.period Not known
pubs.organisational-group /University of Technology Sydney
pubs.organisational-group /University of Technology Sydney/Faculty of Business
pubs.organisational-group /University of Technology Sydney/Strength - Study of Choice
utslib.copyright.status Closed Access
utslib.copyright.date 2015-04-15 12:17:09.805752+10
utslib.collection.history Closed (ID: 3)


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