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Valuing the future: recent advances in social discounting

Pearce, David, Groom, Ben, Hepburn, Cameron and Koundouri, Phoebe (2003) Valuing the future: recent advances in social discounting. World Economics, 4 (2). pp. 121-141. ISSN 1468-1838

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One of the most controversial areas of economics is the practice of discounting: attaching a lower weight to future costs and benefits than present costs and benefits. Discounting appears to offend notions of sustainable development and the interests of future generations. Recent advances in the theory of discounting hold out strong hope that the ‘tyranny of discounting’ can be avoided through the use of time varying discount rates (TVDRs). This paper reviews the recent rationales for TVDRs and applies the results to issues such as nuclear power and global warming control.

Item Type: Article
Official URL:
Additional Information: © 2003 NTC Publications Ltd
Divisions: Grantham Research Institute
Subjects: G Geography. Anthropology. Recreation > GE Environmental Sciences
H Social Sciences > HB Economic Theory
Date Deposited: 01 Mar 2011 16:41
Last Modified: 19 Aug 2021 23:11

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