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Discounting and Safety

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  • Jones-Lee, Michael W
  • Loomes, Graham

Abstract

Anticipated effects on the health and safety of future generations are of central importance in a number of policy contexts. It is, therefore, somewhat disturbing that there now exists a variety of practices and prescriptions concerning the extent to which future safety benefits or disbenefits should be discounted in public-sector allocative and regulatory decision-making. The purpose of this paper is to address this question from the perspective of a fairly comprehensive class of individualistic intertemporal social welfare functions, thereby providing a general framework within which the different prescriptions can be assessed. Copyright 1995 by Royal Economic Society.

Suggested Citation

  • Jones-Lee, Michael W & Loomes, Graham, 1995. "Discounting and Safety," Oxford Economic Papers, Oxford University Press, vol. 47(3), pages 501-512, July.
    • Handle: RePEc:oup:oxecpp:v:47:y:1995:i:3:p:501-12
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    Cited by:

    1. Dolan, Paul, 1998. "The measurement of individual utility and social welfare," Journal of Health Economics, Elsevier, vol. 17(1), pages 39-52, January.
    2. Nax, Heinrich H. & Murphy, Ryan O. & Helbing, Dirk, 2014. "Stability and welfare of 'merit-based' group-matching mechanisms in voluntary contribution game," LSE Research Online Documents on Economics 65444, London School of Economics and Political Science, LSE Library.
    3. Louberge, Henri & Villeneuve, Stephane & Chesney, Marc, 2002. "Long-term risk management of nuclear waste: a real options approach," Journal of Economic Dynamics and Control, Elsevier, vol. 27(1), pages 157-180, November.
    4. Michael Spackman, 2011. "Government discounting controversies: changing prices, opportunity costs and systematic risk," GRI Working Papers 67, Grantham Research Institute on Climate Change and the Environment.
    5. Hugh Gravelle & Dave Smith, 2001. "Discounting for health effects in cost–benefit and cost‐effectiveness analysis," Health Economics, John Wiley & Sons, Ltd., vol. 10(7), pages 587-599, October.

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