international coooperation

Whose Benefits Count?

EPA is right to include climate impacts on foreign countries in its cost-benefit analysis of regulations.

When a regulation benefits people outside the U.S., should those benefits be counted?  Or should a cost-benefit analysis include only positive and negative domestic impacts? As a recent paper by Ted Gayer and Kip Viscusi highlights, EPA has been counting the benefits of restricting carbon emissions for the entire world, not just the U.S.   …