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Estimation of the environmental discount rate for Colombia

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  • Francisco Correa Restrepo

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    (Grupo de Economía Aplicada –GEA–, Programa de economía, Universidad de Medellín)

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    Abstract

    The main purpose of this article is to describe and apply a methodology to estimate the discount rate on long-term projects, such as those related to environmental conservation and global climate change, for Colombia. The applied methodology is known as gamma discount. For the application of this method, a survey of 120 Colombian economists was conducted. This yielded a much smaller discount rate than the social rate of discount typically used in the economic evaluation of domestic long-term projects. Additionally, the obtained estimations allow verifying the decline in time of such a discount rate

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    Bibliographic Info

    Article provided by Universidad de Antioquia, Departamento de Economía in its journal LECTURAS DE ECONOMÍA.

    Volume (Year): (2008)
    Issue (Month): 69 (Julio-Diciembre)
    Pages: 141-162

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    Handle: RePEc:lde:journl:y:2008:i:69:p:141-162

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    Web page: http://economia.udea.edu.co
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    Postal: Lecturas de Economía, Departamento de Economía, Calle 67, 53-108, Medellin 050010, Colombia.

    Related research

    Keywords: discount rate; intertemporal preferences; environmental impacts; cost-benefit analysis; uncertainty.;

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