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Abstract

This report focuses on the possible effect of the proposed Superfund Reform Act of 1994 on transaction costs — costs resulting not from cleanup but from assigning liability for cleanup among the various parties. The analysis is based on previous work on transaction costs performed at RAND, and on telephone interviews with various stakeholders in the Superfund process. Stakeholders interviewed include representatives of large and small potentially responsible parties, insurers, reinsurers, the Environmental Protection Agency, the Department of the Treasury, environmental groups, and researchers. Because of its focus on transaction costs, this report does not address other important effects of the proposed legislation. For example, it does not discuss the effect of the proposed reforms on EPA’s budget or on the relationship between the costs of Superfund cleanups and the benefits of cleanups for human health and the environment.

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Table of Contents

  • Chapter One

    Introduction

  • Chapter Two

    PRP-PRP Interaction

  • Chapter Three

    PRP-Government Interaction

  • Chapter Four

    PRP-Insurer and Insurer-Reinsurer Interactions

  • Chapter Five

    Community-Government and Community-PRP Interactions

  • Chapter Six

    Conclusions

  • Appendix

    Derivation of Estimated Overall Private-Sector Transaction-Cost Share

The project was sponsored by the Institute for Civil Justice at RAND.

This report is part of the RAND Corporation monograph report series. The monograph/report was a product of the RAND Corporation from 1993 to 2003. RAND monograph/reports presented major research findings that addressed the challenges facing the public and private sectors. They included executive summaries, technical documentation, and synthesis pieces.

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