The Outer Bounds of the Possible: Economic Theory, Precaution, and Dioxin

Introduction Exactly how bad for human health is dioxin? Decades of technical research have not brought closure to this crucial question, with fundamental disagreement continuing among the participants in the debate. The precautionary principle is designed for circumstances like this, calling for protective action even in the face of continuing uncertainty. But the principle often remains abstract. How does society decide what, if any, precautionary action to take?