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Pricing the planet's future: the economics of discounting in an uncertain world

Gollier, C. and Groom, Ben (2013) Pricing the planet's future: the economics of discounting in an uncertain world. Journal of Economic Literature, 51 (3). pp. 894-897. ISSN 0022-0515

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Identification Number: 10.1257/jel.51.3.883.r7

Abstract

Ben Groom of London School of Economics reviews, "Pricing the Planet's Future: The Economics of Discounting in an Uncertain World" by Christian Gollier. The Econlit abstract of this book begins: "Explores recent advances in the field of the social discount rate and considers how society should value the future in this context. Discusses three ways to determine the discount rate; the Ramsey rule; extending the Ramsey rule to an uncertain economic growth; random walk and mean-reversion; Markov switches and extreme events; parametric uncertainty and fat tails; the Weitzman argument; a theory of the decreasing term structure of discount rates; inequalities; discounting nonmonetary benefits; alternative decision criteria; evaluation of risky projects; the option value of uncertain projects; and evaluation of nonmarginal projects. Gollier is Professor of Economics at the University of Toulouse and Director of the Toulouse School of Economics."

Item Type: Article
Official URL: http://www.aeaweb.org/articles.php?doi=10.1257/jel...
Additional Information: © 2013 Princeton and Oxford: Princeton University Press
Divisions: Geography & Environment
Subjects: G Geography. Anthropology. Recreation > GA Mathematical geography. Cartography
JEL classification: O - Economic Development, Technological Change, and Growth > O3 - Technological Change; Research and Development > O33 - Technological Change: Choices and Consequences; Diffusion Processes
Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics > Q5 - Environmental Economics > Q56 - Environment and Development; Environment and Trade; Sustainability; Environmental Accounting; Environmental Equity
Sets: Departments > Geography and Environment
Date Deposited: 30 Jun 2014 16:38
Last Modified: 03 Aug 2019 23:05
URI: http://eprints.lse.ac.uk/id/eprint/57172

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