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Why the Far-Distant Future Should Be Discounted at Its Lowest Possible Rate

Citations

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. 224 – Torturing ourselves over discounting
    by David Pannell in Pannell Discussions on 2012-09-16 18:07:43
  2. 328 – Weitzman discounting
    by David Pannell in Pannell Discussions on 2019-10-07 15:08:25

Citations

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Cited by:

  1. Price, Colin, 2018. "Declining discount rate and the social cost of carbon: Forestry consequences," Journal of Forest Economics, Elsevier, vol. 31(C), pages 39-45.
  2. Isabel Mendes, 2004. "Valuing Ecosystems - A Methodological Applying Approach," Working Papers Department of Economics 2004/11, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
  3. Nicole El Karoui & Caroline Hillairet & Mohamed Mrad, 2022. "Ramsey rule with forward/backward utility for long-term yield curves modeling," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 45(1), pages 375-414, June.
  4. Pizer, William A. & Kopp, Raymond, 2005. "Calculating the Costs of Environmental Regulation," Handbook of Environmental Economics, in: K. G. Mäler & J. R. Vincent (ed.), Handbook of Environmental Economics, edition 1, volume 3, chapter 25, pages 1307-1351, Elsevier.
  5. Andrew Coleman, 2019. "Liquidity, the government balance sheet, and the public sector discount rate," Working Papers 19_13, Motu Economic and Public Policy Research.
  6. Birol, Ekin & Koundouri, Phoebe & Kountouris, Yiannis, 2009. "Assessing the economic viability of alternative water resources in water scarce regions: The roles of economic valuation, cost–benefit analysis and discounting," 2009 Conference, August 16-22, 2009, Beijing, China 51692, International Association of Agricultural Economists.
  7. Hepburn, Cameron & Groom, Ben, 2007. "Gamma discounting and expected net future value," Journal of Environmental Economics and Management, Elsevier, vol. 53(1), pages 99-109, January.
  8. Traeger, Christian P., 2012. "What's the Rate? Disentangling the Weitzman and the Gollier Effect," CUDARE Working Papers 121932, University of California, Berkeley, Department of Agricultural and Resource Economics.
  9. Rob Aalbers, 2009. "Discounting investments in mitigation and adaptation: a dynamic stochastic general equilibrium approach of climate change," CPB Discussion Paper 126, CPB Netherlands Bureau for Economic Policy Analysis.
  10. Weitzman, Martin L., 2011. "Revisiting Fat-Tailed Uncertainty in the Economics of Climate Change," Scholarly Articles 11130443, Harvard University Department of Economics.
  11. Maria Sandsmark & Haakon Vennemo, 2007. "A portfolio approach to climate investments: CAPM and endogenous risk," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 37(4), pages 681-695, August.
  12. Szekeres, Szabolcs, 2020. "Checking the Evidence for Declining Discount Rates," MPRA Paper 102233, University Library of Munich, Germany.
  13. Bracke, Philippe & Pinchbeck, Ted & Wyatt, James, 2014. "The time value of housing: historical evidence from London residential leases," LSE Research Online Documents on Economics 64504, London School of Economics and Political Science, LSE Library.
  14. Watson, Charlene & Mourato, Susana & Milner-Gulland, E. J., 2013. "Uncertain emission reductions from forest conservation: REDD in the Bale mountains, Ethiopia," LSE Research Online Documents on Economics 54192, London School of Economics and Political Science, LSE Library.
  15. Rout, Tracy M. & Moore, Joslin L. & Possingham, Hugh P. & McCarthy, Michael A., 2011. "Allocating biosecurity resources between preventing, detecting, and eradicating island invasions," Ecological Economics, Elsevier, vol. 71(C), pages 54-62.
  16. David F. Burgess & Richard O. Zerbe, 2013. "Appropriate discounting for benefit–cost analysis," Chapters, in: Scott O. Farrow & Richard Zerbe, Jr. (ed.), Principles and Standards for Benefit–Cost Analysis, chapter 7, pages 247-263, Edward Elgar Publishing.
  17. S. Scrieciu & Valerie Belton & Zaid Chalabi & Reinhard Mechler & Daniel Puig, 2014. "Advancing methodological thinking and practice for development-compatible climate policy planning," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 19(3), pages 261-288, March.
  18. Gollier, Christian, 2012. "Asset pricing with uncertain betas: A long-term perspective," IDEI Working Papers 752, Institut d'Économie Industrielle (IDEI), Toulouse.
  19. Gluzberg, Victor E. & Katz, Yuri A., 2019. "Planetary boundaries of consumption growth: Declining social discount rates," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 521(C), pages 362-374.
  20. Alpino, Matteo & Citino, Luca & Zeni, Federica, 2023. "Costs and benefits of the green transitionenvisaged in the Italian NRRP - An evaluation using the social cost of carbon," Energy Policy, Elsevier, vol. 182(C).
  21. Gollier, Christian, 2012. "A theory of rational short-termism with uncertain betas," LERNA Working Papers 12.14.371, LERNA, University of Toulouse.
  22. Erling Røed Larsen, 2002. "The Political Economy of Global Warming. From Data to Decisions," Discussion Papers 322, Statistics Norway, Research Department.
  23. Tom Huppertz & Bo P. Weidema & Simon Standaert & Bernard De Caevel & Elisabeth van Overbeke, 2019. "The Social Cost of Sub-Soil Resource Use," Resources, MDPI, vol. 8(1), pages 1-17, January.
  24. Stavins, Robert N., 2004. "Environmental Economics," Discussion Papers 10841, Resources for the Future.
  25. Gollier, Christian, 2004. "Maximizing the expected net future value as an alternative strategy to gamma discounting," Finance Research Letters, Elsevier, vol. 1(2), pages 85-89, June.
  26. Perry C. Oddo & Ben S. Lee & Gregory G. Garner & Vivek Srikrishnan & Patrick M. Reed & Chris E. Forest & Klaus Keller, 2020. "Deep Uncertainties in Sea‐Level Rise and Storm Surge Projections: Implications for Coastal Flood Risk Management," Risk Analysis, John Wiley & Sons, vol. 40(1), pages 153-168, January.
  27. Anna Battauz & Marzia Donno & Alessandro Sbuelz, 2017. "Reaching nirvana with a defaultable asset?," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 40(1), pages 31-52, November.
  28. Rick Van der Ploeg & Bas Jacobs, 2010. "Precautionary Climate Change Policies And Optimal Redistribution," OxCarre Working Papers 049, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
  29. Gollier, Christian, 2002. "Time Horizon and the Discount Rate," Journal of Economic Theory, Elsevier, vol. 107(2), pages 463-473, December.
  30. Meredith S. Berry & Norma P. Nickerson & Amy L. Odum, 2017. "Delay Discounting as an Index of Sustainable Behavior: Devaluation of Future Air Quality and Implications for Public Health," IJERPH, MDPI, vol. 14(9), pages 1-14, September.
  31. Oz Sahin & Rodney Stewart & Fernanda Helfer, 2015. "Bridging the Water Supply–demand Gap in Australia: Coupling Water Demand Efficiency with Rain-independent Desalination Supply," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 29(2), pages 253-272, January.
  32. Gollier, Christian, 2010. "Expected net present value, expected net future value, and the Ramsey rule," Journal of Environmental Economics and Management, Elsevier, vol. 59(2), pages 142-148, March.
  33. Olijslagers, Stan & van der Ploeg, Frederick & van Wijnbergen, Sweder, 2023. "On current and future carbon prices in a risky world," Journal of Economic Dynamics and Control, Elsevier, vol. 146(C).
  34. Dapeng CAI & Takashi Gyoshin NITTA, 2008. "Limit of the Solutions for the Finite Horizon Problems as the Optimal Solution to the Infinite Horizon Optimization Problems," Papers 0803.4050, arXiv.org.
  35. Gollier, Christian, 2019. "Valuation of natural capital under uncertain substitutability," Journal of Environmental Economics and Management, Elsevier, vol. 94(C), pages 54-66.
  36. Goulder, Lawrence H. & Pizer, William A., 2006. "The Economics of Climate Change," RFF Working Paper Series dp-06-06, Resources for the Future.
  37. Szekeres, Szabolcs, 2020. "Correcting the Error in Gamma Discounting," MPRA Paper 102232, University Library of Munich, Germany, revised 27 Jul 2020.
  38. Price, Colin & Willis, Rob, 2024. "Declining discount rate, rising non-timber benefits and the optimal sequence of rotations," Forest Policy and Economics, Elsevier, vol. 161(C).
  39. Hoel, Michael & Sterner, Thomas, 2006. "Discounting and relative prices in assessing future environmental damages," Working Papers in Economics 199, University of Gothenburg, Department of Economics.
  40. Barry Anderson & Emanuele Borgonovo & Marzio Galeotti & Roberto Roson, 2014. "Uncertainty in Climate Change Modeling: Can Global Sensitivity Analysis Be of Help?," Risk Analysis, John Wiley & Sons, vol. 34(2), pages 271-293, February.
  41. Kevin Rennert & Brian C. Prest & William A. Pizer & Richard G. Newell & David Anthoff & Cora Kingdon & Lisa Rennels & Roger Cooke & Adrian E. Raftery & Hana Sevcikova & Frank Errickson, 2021. "The Social Cost of Carbon: Advances in Long-Term Probabilistic Projections of Population, GDP, Emissions, and Discount Rates," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 52(2 (Fall)), pages 223-305.
  42. Melissa Dell & Benjamin F. Jones & Benjamin A. Olken, 2014. "What Do We Learn from the Weather? The New Climate-Economy Literature," Journal of Economic Literature, American Economic Association, vol. 52(3), pages 740-798, September.
  43. Phoebe Koundouri & Theologos Pantelidis & Ben Groom & Ekaterini Panopoulou, 2007. "Discounting the distant future: How much does model selection affect the certainty equivalent rate?," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(3), pages 641-656.
  44. Christopher P. Chambers & Federico Echenique & Alan D. Miller, 2023. "Decreasing Impatience," American Economic Journal: Microeconomics, American Economic Association, vol. 15(3), pages 527-551, August.
  45. Chisholm, Ryan A., 2010. "Trade-offs between ecosystem services: Water and carbon in a biodiversity hotspot," Ecological Economics, Elsevier, vol. 69(10), pages 1973-1987, August.
  46. Hourcade, Jean-Charles & Ambrosi, Philippe & Dumas, Patrice, 2009. "Beyond the Stern Review: Lessons from a risky venture at the limits of the cost-benefit analysis," Ecological Economics, Elsevier, vol. 68(10), pages 2479-2484, August.
  47. Eric Fesselmeyer & Haoming Liu & Alberto Salvo, 2022. "Declining discount rates in Singapore's market for privately developed apartments," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 37(2), pages 330-350, March.
  48. Глущенко К. П., 2012. "Оценка эффективности транспортных проектов: опыт и проблемы (часть 2). Transport project appraisal: experience and problems (part 2)," Мир экономики и управления // Вестник НГУ. Cерия: Cоциально-экономические науки, Socionet;Новосибирский государственный университет, vol. 12(1), pages 40-46.
  49. Yiannis Kountouris & Phoebe Koundouri, 2009. "Defining The Discount Rate Trajectory For The Evaluation Of Water Stress Mitigation Policies And Projects," DEOS Working Papers 0907, Athens University of Economics and Business.
  50. 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.
  51. Rackwitz, Rüdiger, 2006. "The effect of discounting, different mortality reduction schemes and predictive cohort life tables on risk acceptability criteria," Reliability Engineering and System Safety, Elsevier, vol. 91(4), pages 469-484.
  52. Minh Ha-Duong & Nicolas Treich, 2004. "Risk Aversion, Intergenerational Equity and Climate Change," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 28(2), pages 195-207, June.
  53. repec:pri:cepsud:94bradford is not listed on IDEAS
  54. Rick Van der Ploeg, 2020. "Discounting And Climate Policy," OxCarre Working Papers 244, Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford.
  55. Frederick Ploeg, 2021. "Carbon pricing under uncertainty," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 28(5), pages 1122-1142, October.
  56. Wolfgang Buchholz, 2014. "Discounting in an Uncertain World - Disentangling the Debate on the Weitzman-Gollier Puzzle," CESifo Working Paper Series 4967, CESifo.
  57. Gautier, Pieter A. & Vuuren, Aico van, 2019. "The effect of land lease on house prices," Journal of Housing Economics, Elsevier, vol. 46(C).
  58. Michael D. Bauer & Glenn D. Rudebusch, 2023. "The Rising Cost of Climate Change: Evidence from the Bond Market," The Review of Economics and Statistics, MIT Press, vol. 105(5), pages 1255-1270, September.
  59. del Saz Salazar, Salvador & Hernandez Sancho, Francesc & Sala Garrido, Ramon, 2009. "Estimación del valor económico de la calidad del agua de un río mediante una doble aproximación: una aplicación de los principios económicos de la Directiva Marco del Agua," Economia Agraria y Recursos Naturales, Spanish Association of Agricultural Economists, vol. 9(01), pages 1-27.
  60. Severen, Christopher & Costello, Christopher & Deschênes, Olivier, 2018. "A Forward-Looking Ricardian Approach: Do land markets capitalize climate change forecasts?," Journal of Environmental Economics and Management, Elsevier, vol. 89(C), pages 235-254.
  61. Szekeres, Szabolcs, 2016. "Testing Gollier and Weitzman’s Solution of the “Weitzman-Gollier Puzzle”," MPRA Paper 72593, University Library of Munich, Germany.
  62. Christian Gollier, 2010. "Debating about the Discount Rate:The Basic Economic Ingredients," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 11(s1), pages 38-55, May.
  63. Therese Grijalva & Jayson Lusk & W. Shaw, 2014. "Discounting the Distant Future: An Experimental Investigation," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 59(1), pages 39-63, September.
  64. Keller, Klaus & Bolker, Benjamin M. & Bradford, D.F.David F., 2004. "Uncertain climate thresholds and optimal economic growth," Journal of Environmental Economics and Management, Elsevier, vol. 48(1), pages 723-741, July.
  65. Freeman, Mark C., 2009. "The practice of estimating the term structure of discount rates," Global Finance Journal, Elsevier, vol. 19(3), pages 219-234.
  66. Sterner, Thomas & Damon, Maria, 2011. "Green growth in the post-Copenhagen climate," Energy Policy, Elsevier, vol. 39(11), pages 7165-7173.
  67. Martin L. Weitzman, 2011. "Additive Damages, Fat-Tailed Climate Dynamics, and Uncertain Discounting," NBER Chapters, in: The Economics of Climate Change: Adaptations Past and Present, pages 23-46, National Bureau of Economic Research, Inc.
  68. Christian Gollier & Frederick van Der Ploeg & Jiakun Zheng, 2023. "The Discounting Premium Puzzle: Survey evidence from professional economists," Post-Print hal-04981354, HAL.
  69. R. Turner, 2007. "Limits to CBA in UK and European environmental policy: retrospects and future prospects," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 37(1), pages 253-269, May.
  70. Morrissey, J. & Meyrick, B. & Sivaraman, D. & Horne, R.E. & Berry, M., 2013. "Cost-benefit assessment of energy efficiency investments: Accounting for future resources, savings and risks in the Australian residential sector," Energy Policy, Elsevier, vol. 54(C), pages 148-159.
  71. Scarborough, Helen, 2011. "Intergenerational equity and the social discount rate," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 55(2), pages 1-14.
  72. Robert w. Hahn & Robert A. Ritz, 2013. "Does the social Cost of Carbon Matter?: An Assessment of U.S. Policy," Cambridge Working Papers in Economics 1346, Faculty of Economics, University of Cambridge.
  73. Nina Anchugina & Matthew Ryan & Arkadii Slinko, 2016. "Aggregating time preferences with decreasing impatience," Papers 1604.01819, arXiv.org.
  74. Martin L. Weitzman, 2001. "Gamma Discounting," American Economic Review, American Economic Association, vol. 91(1), pages 260-271, March.
  75. Katheline Schubert, 2006. "Éléments sur l'actualisation et l'environnement," Recherches économiques de Louvain, De Boeck Université, vol. 72(2), pages 157-175.
  76. Trapnell, Lindsay N. & Malcolm, Bill, 2008. "Net Benefits from growing lucerne (Medicago sativa) on the Broken Plains of north eastern Victoria," 2008 Conference (52nd), February 5-8, 2008, Canberra, Australia 5972, Australian Agricultural and Resource Economics Society.
  77. Christian Gollier & Phoebe Koundouri & Theologos Pantelidis, 2008. "Declining discount rates: Economic justifications and implications for long-run policy [‘Regime switches in interest rates’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 23(56), pages 758-795.
  78. Nicole El Karoui & Mohamed Mrad & Caroline Hillairet, 2020. "Ramsey Rule with Progressive Utility in Long Term Yield Curves Modeling," Post-Print hal-00974815, HAL.
  79. Kollenberg, Sascha & Taschini, Luca, 2016. "Emissions trading systems with cap adjustments," Journal of Environmental Economics and Management, Elsevier, vol. 80(C), pages 20-36.
  80. Graeme Guthrie, 2021. "Discounting, Disagreement, and the Option to Delay," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 80(1), pages 95-133, September.
  81. Yvan Lengwiler, 2005. "Heterogeneous Patience and the Term Structure of Real Interest Rates," American Economic Review, American Economic Association, vol. 95(3), pages 890-896, June.
  82. Tas Thamo & David J. Pannell & Marit E. Kragt & Michael J. Robertson & Maksym Polyakov, 2017. "Dynamics and the economics of carbon sequestration: common oversights and their implications," Mitigation and Adaptation Strategies for Global Change, Springer, vol. 22(7), pages 1095-1111, October.
  83. Szekeres, Szabolcs, 2015. "When should the distant future not be discounted at increasing discount rates?," MPRA Paper 63437, University Library of Munich, Germany.
  84. Szekeres, Szabolcs, 2023. "The simple answer to the Social Discount Rate question," MPRA Paper 117843, University Library of Munich, Germany.
  85. Stefan Bayer, 2004. "Nachhaltigkeitskonforme Diskontierung: das Konzept des "Generation Adjusted Discounting"," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 73(1), pages 142-157.
  86. Rong Rong & Therese C. Grijalva & Jayson Lusk & W. Douglass Shaw, 2019. "Interpersonal discounting," Journal of Risk and Uncertainty, Springer, vol. 58(1), pages 17-42, February.
  87. Hultkrantz, Lars & A. Krüger, Niclas & Mantalos, Panagiotis, 2014. "Risk-adjusted long-term social rates of discount for transportation infrastructure investment," Research in Transportation Economics, Elsevier, vol. 47(C), pages 70-81.
  88. Shogren, Jason F. & Toman, Michael, 2000. "Climate Change Policy," Discussion Papers 10767, Resources for the Future.
  89. Daniel A. Farber, 2015. "Gambling over Growth: Economic Uncertainty, Discounting, and Regulatory Policy," The Journal of Legal Studies, University of Chicago Press, vol. 44(S2), pages 509-528.
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  119. Alex L. Marten, 2014. "The Role Of Scenario Uncertainty In Estimating The Benefits Of Carbon Mitigation," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 5(03), pages 1-29.
  120. Defrancesco, Edi & Gatto, Paola & Rosato, Paolo, 2014. "A ‘component-based’ approach to discounting for natural resource damage assessment," Ecological Economics, Elsevier, vol. 99(C), pages 1-9.
  121. Geoffrey Heal & Bengt Kriström, 2002. "Uncertainty and Climate Change," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 22(1), pages 3-39, June.
  122. Timothy Richards & Gareth Green, 2015. "Environmental Choices and Hyperbolic Discounting: An Experimental Analysis," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 62(1), pages 83-103, September.
  123. Christian Gollier, 2012. "Evaluation of Long-Dated Investments under Uncertain Growth Trend, Volatility and Catastrophes," CESifo Working Paper Series 4052, CESifo.
  124. W. Botzen & Jeroen Bergh, 2014. "Specifications of Social Welfare in Economic Studies of Climate Policy: Overview of Criteria and Related Policy Insights," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 58(1), pages 1-33, May.
  125. Tol, Richard S. J., 2005. "The marginal damage costs of carbon dioxide emissions: an assessment of the uncertainties," Energy Policy, Elsevier, vol. 33(16), pages 2064-2074, November.
  126. Copiello, Sergio & Gabrielli, Laura & Bonifaci, Pietro, 2017. "Evaluation of energy retrofit in buildings under conditions of uncertainty: The prominence of the discount rate," Energy, Elsevier, vol. 137(C), pages 104-117.
  127. Geir B. Asheim & Wolfgang Buchholz, 2000. "The Malleability of Undiscounted Utilitarianism as a Criterion of Intergenerational Justice," CESifo Working Paper Series 392, CESifo.
  128. Weitzman, Martin L., 2010. "Risk-adjusted gamma discounting," Journal of Environmental Economics and Management, Elsevier, vol. 60(1), pages 1-13, July.
  129. Knoke, Thomas & Gosling, Elizabeth & Paul, Carola, 2020. "Use and misuse of the net present value in environmental studies," Ecological Economics, Elsevier, vol. 174(C).
  130. Winkler, Ralph, 2009. "Now or Never: Environmental Protection under Hyperbolic Discounting," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 3, pages 1-22.
  131. David Pearce & Ben Groom & Cameron Hepburn & Phoebe Koundouri, 2003. "Valuing the Future: Recent advances in social discounting," DEOS Working Papers 0308, Athens University of Economics and Business.
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