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Declining Discount Rates: Evidence from the UK

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  • Ekaterini Panopoulou

    ()
    (Department of Banking and Financial Management, University of Piraeus and Department of Economics, Maynooth)

  • B. Groom

    (Department of Economics, University College London, UK.)

  • P. Koundouri

    (Department of Economics, University of Reading, UK and Department of Economics, UCL, UK)

  • Theologos Pantelidis

    (Department of Banking and Financial Management, University of Piraeus, Greece.)

Abstract

We estimate schedules of declining discount rates for cost benefit analysis in the UK. We highlight the importance of model selection for this task and hence for the evaluation of long-term investments, namely climate change prevention and nuclear build.

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Bibliographic Info

Paper provided by Department of Economics, Finance and Accounting, National University of Ireland - Maynooth in its series Economics, Finance and Accounting Department Working Paper Series with number n1470105.

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Length: 7 pages
Date of creation: Jan 2005
Date of revision:
Handle: RePEc:may:mayecw:n1470105

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Postal: Maynooth, Co. Kildare
Phone: 353-1-7083728
Fax: 353-1-7083934
Web page: http://economics.nuim.ie
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Keywords: long-run discounting; state-space models; regime-switching models; climate change policy; nuclear build;

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  1. David Pearce & Ben Groom & Cameron Hepburn & Phoebe Koundouri, 2003. "Valuing the Future," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 4(2), pages 121-141, April.
  2. Gollier, Christian, 2002. "Time Horizon and the Discount Rate," Journal of Economic Theory, Elsevier, vol. 107(2), pages 463-473, December.
  3. Newell, Richard G. & Pizer, William A., 2003. "Discounting the distant future: how much do uncertain rates increase valuations?," Journal of Environmental Economics and Management, Elsevier, vol. 46(1), pages 52-71, July.
  4. Gollier, Christian, 2002. "Discounting an uncertain future," Journal of Public Economics, Elsevier, vol. 85(2), pages 149-166, August.
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