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Uncertainty of capital productivity and declining discount rates
Applied Economics Letters, 2019This paper considers the problem of instantaneous certainty-equivalent (ICE) discountrate when future return on capital is uncertain.
Shou Chen, Richard Fu
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Forest Policy and Economics, 2020 Abstract Schedules of declining discount rates have been advocated, and adopted by several European governments. They undermine classical solutions to forest economics problems, especially optimal rotation. Adapting classical first-order conditions created problems of local optimisation.
Sylvain Caurla +2 more
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Do declining discount rates lead to time inconsistent economic advice? [PDF]
Ecological Economics, 2006 This paper addresses the risk of time inconsistency in economic appraisals related to the use of hyperbolic discounting (declining discount rates) instead of exponential discounting (constant discount rate). Many economists are uneasy about the prospects of potential time inconsistency. The paper discusses whether they have reason to be uneasy.
Anders Chr Hansen
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Forest Policy and Economics, 2017 Abstract The long planning perspective is one of the unique features of forestry. How to value money flows expected in the far distant future is therefore a crucial question. Applying time declining discount rates (DDR) may offer an appropriate alternative to conventional discounting, but few studies have applied DDRs in forest economics.
Thomas Knoke +2 more
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Optimal rotation with declining discount rate
Journal of Forest Economics, 2011Abstract In recent years it has been argued, from many perspectives, that the further into the future a value flow occurs, the lower is the appropriate discount rate for it. National governments are now beginning to authorise such declining discount rates.
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Declining Discount Rates: The Long and the Short of it
Environmental & Resource Economics, 2005The last few years have witnessed important advances in our understanding of time preference and social discounting. In particular, several rationales for the use of time-varying social discount rates have emerged. These rationales range from the ad hoc to the formal, with some founded solely in economic theory while others reflect principles of ...
Ben Groom +3 more
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The effect of a constant or a declining discount rate on optimal investment timing [PDF]
Applied Economics Letters, 2003 This paper shows that exponential discounting may have an advancing effect on the timing of investment, not captured by sensitivity analysis carried out for the complete range of instantaneous discount rates implicit in declining discounting.
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Declining discount rate and the social cost of carbon: Forestry consequences
Journal of Forest Economics, 2018Abstract Many ways of pricing atmospheric CO 2 fluxes exist. Among them is valuing social costs resulting from climate change, which have complex time profiles. Long-term cost streams are normally capitalized at the prevailing social discount rate. Controversy attends whether that rate should decline through time. If so, capitalizing the social cost
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Implications of Declining Discount Rates for UK Climate Change Policy
2006Phoebe Koundouri
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Setting Carbon Taxes using Declining Discount Rates: Implications for Investment-Based Mitigation
Strategic Behavior and the Environment, 2020The use of declining discount rates (DDR) to calculate the net present value of damages associated with climate change has important ramifications for climate policy. We examine the behavior of a firm subject to climate-based market interventions, specifically carbon taxes or abatement credits that are indexed to the social cost of carbon (SCC ...
Chris J. Kennedy +2 more
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