Individual time preferences and social discounting in-environmental projects

M. Percoco and Peter Nijkamp
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M. Percoco: Vrije Universiteit Amsterdam, Faculteit der Economische Wetenschappen en Econometrie (Free University Amsterdam, Faculty of Economics Sciences, Business Administration and Economitrics

No 28, Serie Research Memoranda from VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics

Abstract: The choice of an appropriate social rate of discount is critical in the decision-making process on public investments. In this paper we review the literature on social discounting, and address in particular a recently growing field of related research, that is, individual time preferences. We argue that an explicit consideration and analysis of the behaviour of individuals regarding the concept and the use of an appropriate social discount rate are essential for balanced decision making in the public sector, especially, though not exclusively, in the field of resource or environmental policy.

Keywords: Social Discounting; Individual Time Preference; Meta-Analysis; Public Interventions; Project Appraisal; Public Policy Evaluation. (search for similar items in EconPapers)
JEL-codes: H43 Q58 R42 (search for similar items in EconPapers)
Date: 2009

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Persistent link: http://EconPapers.repec.org/RePEc:dgr:vuarem:2009-28

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