A technicoeconomic approach for the selection of a site remediation strategy--part A: theory

A technicoeconomic model is developed to select an optimal strategy for the remediation of a contaminated site and to determine the value of this remediation strategy. The model is an extension of actual cost-benefit analysis, with consideration of "irreversible" remediation technology choices, technology effectiveness, and uncertainty on the site's level of contamination. The model considers the possibility of reducing uncertainty by both acquiring more and better information on the level of contamination and by offering the decision-maker the opportunity to reevaluate his decision and switch to a more appropriate technology. It is believed that this model will help decision-makers in the selection of a remediation strategy by presenting all potentially feasible strategies, and how uncertainty on the site's level of contamination affects these strategies.