Development of Safety Regulations: Integration of Cost-Benefit Analysis

Risk is integral to modern society. As a society evolves, there is an enhancement in societal perception of risk and in the need for mitigating
them. This translates into enactment of legislation to control such risks.
However, such legislative efforts do not integrate costs and benefits associated
with compliance. It is expected that such considerations will enhance the perceived value of such regulations and appreciation of the need to comply with it. The proposed research project will constitute an attempt to develop a methodology to integrate cost-benefit analysis in regulatory decision-making, especially for an emerging economy such as India.