SUBSIDY TO NUCLEAR POWER THROUGH PRICE-ANDERSON LIABILITY LIMIT
JEFFREY A. DUBIN
GEOFFREY S. ROTHWELL
Between 1959 and 1982, the Price-Anderson Act placed a limit of $560 million on the liability of nuclear power plant operators for accidental damages. This limit grew to $7 billion due to the 1988 amendments to the act. This paper using insurance premiums charged for the first $160 million of coverage and the Nuclear Regulatory Commission's estimate of the probability of a worst-case loss, models the distribution of damages with a log-logistic density function. The study finds that the value of the Price-Anderson subsidy was $60 million per reactor year before 1982 but then dropped to $22 million per reactor year following the 1988 amendments. Copyright 1990 Western Economic Association International.
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