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Mock Referenda for Intergenerational Decision-making

Author

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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. 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.

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    Keywords

    Labor and Human Capital;

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