Discounting in a world of limited growth
This paper explores the consequences fordiscounting of assuming limits to growth. One of the main determinants of the discount rate is the rate of economic growth. If growth rates decline in the future then the discount rate should not be constant but also decline over time. In fact, we would then need not a single discount rate but rather a variable discount schedule. This would imply higher present values for the distant future. The paper analyses how discount rates would vary with different assumptions about the patterns of growth and the pure rate of time preference. Copyright Kluwer Academic Publishers 1994
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Volume (Year): 4 (1994)
Issue (Month): 5 (October)
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- Nick Hanley, 1992.
"Are there environmental limits to cost benefit analysis?,"
Environmental & Resource Economics,
Springer;European Association of Environmental and Resource Economists, vol. 2(1), pages 33-59, January.
- Nick Hanley, 1990. "Are There Environmental Limits to Cost Benefit Analysis?," Working Papers Series 90/6, University of Stirling, Division of Economics.
- C. Price, 1991. "Do High Discount Rates Destroy Tropical Forests," Journal of Agricultural Economics, Wiley Blackwell, vol. 42(1), pages 77-85.
- Arrow, Kenneth J & Lind, Robert C, 1970. "Uncertainty and the Evaluation of Public Investment Decisions," American Economic Review, American Economic Association, vol. 60(3), pages 364-78, June.
- Robert Ayres & Jörg Walter, 1991. "The greenhouse effect: Damages, costs and abatement," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 1(3), pages 237-270, September.
- Nordhaus, William D, 1991. "To Slow or Not to Slow: The Economics of the Greenhouse Effect," Economic Journal, Royal Economic Society, vol. 101(407), pages 920-37, July.
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