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| Eagle, J.G.; Betters, D.R. | |
| The endangered species act and economic values: a comparison of fines and contingent valuation studies | |
| 1998 Ecological Economics (26): 165-171 | |
Economic theory holds that the level of punishment set for a violation of a law reflects, or should reflect, the marginal social damage of the violation. This paper considers the implications of this theory with respect to the Endangered Species Act of 1973 (ESA). In particular, we examine the punishment set forth in the ESA as an indicator of marginal social damage. We compare the level of punishment, or fines, in the ESA to other attempts at measuring the marginal social value of threatened and endangered species, namely contingent valuation method studies. The comparison indicates that fines in the ESA do not depict the marginal social damage incurred with each 'taking' of a threatened or endangered species. Further, the comparison shows that the fines are, if anything, too low. Possible modifications to the ESA should consider a fine structure that reflects the degree, or level, of species endangerment. Proposed or existing endangered species legislation in other nations should perhaps also incorporate such a structure. |
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