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In this paper I build a new version of the precautionary principle in environmental policies which includes, inter alia, efficiency considerations in the morally relevant informational set. To this end, I formulate and defend a hypothetical-compensatory precautionary principle, which relies on the satisfaction of the Kaldor-Hicks efficiency criterion, and I show that the new interpretation provided avoids a series of objections raised against classical precautionary principles, also pointing out that it entails other secondary advantages by comparison with the classical versions. [ABSTRACT FROM AUTHOR]