Siting environmentally unwanted facilities : risks, trade-offs, and choices / Euston Quah, K.C. Tan.

Includes bibliographical references (pages 159-168) and index.

The Siting Dilemma -- The NIMBY problem -- Nature of NIMBY facilities -- Origins and characteristics of NIMBY facilities -- Classification of NIMBY facilities -- Existing Solutions and Economic Valuation -- Conflict resolution instruments and general compensation -- Conflict-resolution instruments -- General compensation -- Environmental valuation -- Option values and irreversible development -- Review of environmental valuation methods -- Alternative Solutions and Auctions -- Nature and types of auctions -- Auctions and auction markets -- Auctions and compensation -- Winner's curse -- The first-price sealed-bid auction and revenue equivalence -- Review of compensation auction methods -- Sealed-bid auction mechanisms -- Voluntary auctions, siting lottery, and trade mechanisms -- The Siting Process -- Some experiments on compensation auction methods -- Designing the experiment -- Experimental results -- Risk analysis and uncertainty -- Risk and uncertainty -- Expected utility -- Fundamental risks -- Loss mitigation -- NIMBY and risks -- Sequential multi-stage criteria for siting NIMBYs -- Sequential multi-stage siting process -- Review of site selection procedures -- Implementation and the various decision stages -- Conclusion and some limitations of the economic approach.

This book deals with the question of location of hazardous and non-hazardous facilities that no one wants -- "not-in-my-backyard" (the NIMBY syndrome).