From: E&E News | Greenwire
Maxine Joselow, E&E News reporter
How did you come to work on regulatory matters like cost-benefit analysis?
Benefit-cost analysis actually started in the Corps of Engineers. The corps did all of these detailed analyses of projects to see if the benefits exceeded the costs.
One day, I was sitting there, and a visiting professor named Al Schmid walked in. He said, “I think we should apply benefit-cost analysis to regulations.” Our whole group was dumbfounded. He went away and wrote a paper on this. It went up to the Hill, and it got buried in some congressional report. But it stuck in my mind. Like a bad dream, it would come back every once in a while.