Discounting for Public Cost–Benefit Analysis

William Pizer and Qingran Li

No 19-02, RFF Working Paper Series from Resources for the Future

Abstract: We find that the appropriate discount rate converges to the consumption rate for benefits in the distant future.More generally, the range of rates depends on the temporal pattern of future benefits.Applied to climate damages, we estimate the appropriate discount rates of between 2.6 and 3.4 percent.

Date: 2019-02-02
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