What discount rate should be applied to social investments? It is standard to use the market interest rate, thereby respecting private preferences. We show that application of this “revealed preference” criterion rests on faith, not logic. It is justified only if preferences over all choices, including past choices, are time invariant. The conditions for this to be true are stringent. Under mor...

BACKGROUND The present study aimed to provide better insight on methodological issues related to time preference studies, and to estimate private and social discount rates, using a rigorous systematic review and meta-analysis. METHODS We searched PubMed, EMBASE and Proquest databases in June 2013. All studies had estimated private and social time preference rates for health outcomes through s...

Alternative policy options available to northern Benguela fisheries managers were explored using Ecopath with Ecosim. Scenarios were tested for optimizing the discounted profit from the fisheries in the ecosystem, maximizing the jobs that can be provided by the fisheries, maximizing a measure of ecosystem status, and analyzing tradeoffs between these management options. Additionally, two differ...

We elicit measures of individual discount rates from a representative sample of the Danish population and test two substantive hypotheses. The first hypothesis is that smokers have higher individual discount rates than non-smokers. The second hypothesis is that smokers are more likely to have time inconsistent preferences than non-smokers, where time inconsistency is indicated by a hyperbolic d...

In recessions, the stock market falls more than in proportion to corporate profit. The discount rate implicit in the stock market rises. All types of investment fall, including employers’ investment in job creation. According to the leading view of unemployment—the Diamond-Mortensen-Pissarides model—when the incentive for job creation rises, the labor market tightens and unemployment falls. Emp...

Introduction Since the Stern Review (Stern 2007) and the debate it has sparked off, the discount rate has been at the center of heated discussions about climate policies. In the very long run, the discount rate makes a huge difference in the evaluation of policies. The following table (Table 1) shows the minimum return that a $1 investment for the future should have to be considered better than...

It is widely recognized that the economics of distant-future events, like climate change, is critically dependent upon the choice of a discount rate. Unfortunately, it is unclear how to discount distant-future events when the future discount rate itself is unknown. In previous work, an analytically-tractable approach called ‘‘gamma discounting’’ was proposed, which gave a declining discount rat...

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In the economics of climate change, the future benefits of greenhouse gas emissions abatement are commonly discounted at a rate equal to the long-run return on corporate stocks, which averaged 6% per year during the 20 century. Since a 6% discount rate implies that one dollar of benefits obtained one century from the present attains a present value of less than one cent, this method implies tha...

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