Economic Impact Model

{
  "id": "MLC-T-ENV-008899",
  "term": "Economic Impact Model",
  "field": "Environment",
  "definition": "This category includes a broad group of models that are used in many different aspects of EPA’s activities including: rulemaking (regulatory impact assessments), priority setting, enforcement, and retrospective analyses. Models that produce a dollar value as output belong in this category. Models can be divided into cost models, which may include or exclude behavior responses, and benefit models. The former incorporate economic theory on how markets (supply, demand, and pricing) will respond as a result of an action.",
  "references": [
    "EPA Guidance on the Development, Evaluation, and Application of Environmental Models EPA/100/K-09/003 | March 2009"
  ],
  "url": "https://mlchart.com/terminology/environment/economic-impact-model/"
}