Why the far-distant future should be discounted at its lowest possible rate

Journal of Environmental Economics and Management

Volumn 36, Issue 3, 1998, Pages 201-208

  Weitzman, Martin L ^a  

^a HARVARD UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

CLIMATE CHANGE; DISCOUNT RATE; ENVIRONMENTAL ECONOMICS; UNCERTAINTY ROLE;

EID: 0032211507     PISSN: 00950696     EISSN: None     Source Type: Journal    
DOI: 10.1006/jeem.1998.1052     Document Type: Article

References (13)

1. Ainslie G. W. Picoeconomics. 1992;Cambridge Univer. Press, Cambridge.
2. Arrow K. J. Intertemporal equity, discounting, and economic efficiency. IPCC, Climate Change 1995: Economic and Social Dimensions of Climate Change. 1996;Cambridge Univer. Press, Cambridge.
3. O. Azfar, Rationalizing Hyperbolic Discounting, Univer. of Pittsburgh, Pittsburgh, PA, December 1996.
4. Chichilnisky Graciela. An axiomatic approach to sustainable development. Social Choice Welfare. 13:1996;219-248.
5. W. R. Cline, Discounting for the very long term, 1996, Discounting and Intergenerational Equity, Resources for the Future, Washington, D.C. 1998.
6. Cropper M. L., Aydede S. K., Portney P. R. Preferences for life savings programs: How the public discounts time and age. J. Risk Uncertainty. 8:1994;243-265.
7. Dybvig P. H., Ingersoll J. E. Jr., Ross S. A. Long forward and zero-coupon rates can never fall. J. Business. 69:1996;1-25.
8. C. Gollier, Discounting an Uncertain Future, Univer. of Toulouse, 1997.
9. Heal G. M. Valuing the Future: Economic Theory and Sustainability. 1998;Columbia Univer. Press, New York.
10. Henderson N., Bateman I. Empirical and public choice evidence for hyperbolic social discount rates and the implications for intergenerational discounting. Environ. Resource Econ. 5:1995;413-423.
11. Loewenstein G., Prelec D. Anomalies in intertemporal choice: Evidence and an interpretation. Quart. J. Econ. 107:1992;573-398.
12. W. Pizer, The Optimal Choice of Policy Instrument and Stringency Under Uncertainty: The Case of Climate Change, Resources for the Future, 1997.
13. Schelling T. C. Intergenerational discounting. Energy Policy. 23:1995;395-401.