Adressing wellbeing in the long-term: a review of intergeneratioinal equity and dscount rates in climate change analysis

RIS ID

89344

Publication Details

Harrison, M. (2014). Adressing wellbeing in the long-term: a review of intergeneratioinal equity and dscount rates in climate change analysis. In A. Podger (Eds.), Measuring and Promoting Wellbeing: How Important is Economic Growth? (pp. 629-661). Australia: The Australian National University Press. http://press.anu.edu.au?p=278051

Abstract

Most government policies give rise to a stream of costs and benefits over time. To evaluate them requires us to compare costs and benefits received in different time periods. That requires choosing a discount rate, which determines the value of future costs and benefits relative to current ones. The choice of discount rate can make a significant difference to whether the present value of a project is positive, and to the relative desirability of alternative projects, especially when costs and benefits accrue at different times and over long periods.

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