Deciding with long-term environmental impacts: what role for discounting?

Steven Schilizzi

No 58206, 2003 Conference (47th), February 12-14, 2003, Fremantle, Australia from Australian Agricultural and Resource Economics Society

Abstract: The problem of how to discount values in the far future is reviewed, and shown to lead down a blind alley. An alternative is proposed that allows long term consequences to be addressed by decisions using a relatively short term time horizon. A simple model investigating the optimal containment of radioactive waste in a deterministic world is used to show that current generations can indeed cater for the interests of the far future while optimising over the short term; however, this is not always possible. The proposed method seems to address most of the critiques of long term discounting found in the literature.

Keywords: Environmental Economics and Policy; Research Methods/ Statistical Methods (search for similar items in EconPapers)
Pages: 34
Date: 2003-02
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aare03:58206

DOI: 10.22004/ag.econ.58206

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