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Abstract
Pollution of the environment by metals and organic contaminants is an intractable
global problem, with cleanup costs running into billions of dollars using current
engineering technologies. The availability of alternative, cheap and effective
technologies would significantly improve the prospects of cleaning-up metal
contaminated sites. Phytoremediation has been proposed as an economical and ‘green’
method of exploiting plants to extract or degrade the contaminants in the soil. To date,
the majority of phytoremediation efforts have been directed at leaping the biological,
biochemical and agronomic hurdles to deliver a working technology, with scant attention
to the economic outlook other than simple estimates of the cost advantages of
phytoremediation over other techniques. In this paper we use a deterministic actuarial
model to show that uncertainty in project success (the possibility that full clean up may
not be realized) may significantly increase the perceived costs of remediation works for
decision-makers.