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Individual time preferences and social discounting in-environmental projects

Author

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  • Percoco, M.

    (Vrije Universiteit Amsterdam, Faculteit der Economische Wetenschappen en Econometrie (Free University Amsterdam, Faculty of Economics Sciences, Business Administration and Economitrics)

  • Nijkamp, P.

Abstract

The choice of an appropriate social rate of discount is critical in the decision-making process on public investments. In this paper we review the literature on social discounting, and address in particular a recently growing field of related research, that is, individual time preferences. We argue that an explicit consideration and analysis of the behaviour of individuals regarding the concept and the use of an appropriate social discount rate are essential for balanced decision making in the public sector, especially, though not exclusively, in the field of resource or environmental policy.

Suggested Citation

  • Percoco, M. & Nijkamp, P., 2009. "Individual time preferences and social discounting in-environmental projects," Serie Research Memoranda 0028, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    • Handle: RePEc:vua:wpaper:2009-28
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    More about this item

    Keywords

    Social Discounting; Individual Time Preference; Meta-Analysis; Public Interventions; Project Appraisal; Public Policy Evaluation.;
    All these keywords.

    JEL classification:

    • H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • R42 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Government and Private Investment Analysis; Road Maintenance; Transportation Planning

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