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Mock Referenda for Intergenerational Decision-making

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  • Kopp, Raymond J.
  • Portney, Paul R.

Abstract

Traditional applications of benefit-cost analysis make use of what we refer to as the "damage function and discounting" (or DFD) approach. This approach is well-suited to the analysis of projects for which the principal benefits and costs occur within the next thirty to forty years, say. However, for projects with significant intergenerational consequences--i.e., impacts that do not arise for hundreds of years or more--the DFD approach becomes almost intractable. We propose an alternative conception of benefit-cost analysis for intergenerational decision-making--the mock referendum--that is: (i) arguably more consistent with the tenets of modern welfare economics; (ii) more amenable to the analysis of long-term projects or policies; and (iii) consistent with political decision(s) that must be made if climate mitigation (or other long-term environmental protection) measures are to be taken.

Suggested Citation

  • Kopp, Raymond J. & Portney, Paul R., 1997. "Mock Referenda for Intergenerational Decision-making," Discussion Papers 10745, Resources for the Future.
    • Handle: RePEc:ags:rffdps:10745
    DOI: 10.22004/ag.econ.10745
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    File URL: https://ageconsearch.umn.edu/record/10745/files/dp970048.pdf
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    Cited by:

    1. Schmid, A. Allan, 2004. "Economic Analysis And Efficiency In Public Expenditure," Staff Paper Series 11776, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    2. Michael Toman, 1998. "Research Frontiers in the Economics of Climate Change," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 11(3), pages 603-621, April.
    3. Scarborough, Helen & Burton, Michael & Bennett, Jeff, 2009. "Decision-making in a social welfare context," Working Papers eco_2009_02, Deakin University, Department of Economics.
    4. Almansa Sáez, Carmen & Calatrava Requena, Javier, 2007. "La Problemática Del Descuento En La Evaluación Económica De Proyectos Con Impacto Intergeneracional: Tasa Ambiental Crítica Y Montante De Transferencia Intergeneracional/Discounting In The Context Of ," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 25, pages 165-198, Abril.
    5. J.K. Horowitz, 2002. "Preferences in the Future," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 21(3), pages 241-258, March.
    6. Kopp, Raymond J., 2004. "Near-Term Greenhouse Gas Emissions Targets," Discussion Papers 10818, Resources for the Future.

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