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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. 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.
    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. Dolan, Paul, 1998. "The measurement of individual utility and social welfare," Journal of Health Economics, Elsevier, vol. 17(1), pages 39-52, January.
    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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