Discounting and Safety

Michael W Jones-Lee and Graham Loomes ()

Oxford Economic Papers, 1995, vol. 47, issue 3, 501-12

Abstract: Anticipated effects on the health and safety of future generations are of central importance in a number of policy contexts. It is, therefore, somewhat disturbing that there now exists a variety of practices and prescriptions concerning the extent to which future safety benefits or disbenefits should be discounted in public-sector allocative and regulatory decision-making. The purpose of this paper is to address this question from the perspective of a fairly comprehensive class of individualistic intertemporal social welfare functions, thereby providing a general framework within which the different prescriptions can be assessed. Copyright 1995 by Royal Economic Society.

Date: 1995
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