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Pricing the Planet's Future "The Economics of Discounting in an Uncertain World"

Pricing the Planet's Future "The Economics of Discounting in an Uncertain World"

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  • ISBN:9780691148762
  • Editorial: Princeton University Press
  • Fecha de la edición:
  • Encuadernación:
  • Nº Pág.:248
  • Idiomas:Ingles

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Our path of economic development has generated a growing list of environmental problems including the disposal of nuclear waste, exhaustion of natural resources, loss of biodiversity, climate change, and polluted land, air, and water. All these environmental problems raise the crucial challenge of determining what we should and should not do for future generations. It is also central to other policy debates, including, for example, the appropriate level of public debt, investment in public infrastructure, investment in education, and the level of funding for pension benefits and for research and development. Today, the judge, the citizen, the politician, and the entrepreneur are concerned with the sustainability of our development. The objective of "Pricing the Planet's Future" is to provide a simple framework to organize the debate on what we should do for the future. A key element of analysis by economists is the discount rate - the minimum rate of return required from an investment project to make it desirable to implement. Christian Gollier outlines the basic theory of the discount rate and the various arguments that favor using a smaller discount rate for more distant cash flows. With principles that can be applied to many policy areas, "Pricing the Planet's Future" offers an ideal framework for dynamic problems and decision making.

Preface vii Introduction 1 Part I: The Simple Economics of Discounting 1 Three Ways to Determine the Discount Rate 17 2 The Ramsey Rule 26 3 Extending the Ramsey Rule to an Uncertain Economic Growth 41 Part II: The Term Structure of Discount Rates 4 Random Walk and Mean-Reversion 61 5 Markov Switches and Extreme Events 74 6 Parametric Uncertainty and Fat Tails 84 7 The Weitzman Argument 98 8 A Theory of the Decreasing Term Structure of Discount Rates 111 Part III: Extensions 9 Inequalities 131 10 Discounting Non-monetary Benefits 149 11 Alternative Decision Criteria 168 Part IV: Evaluation of Risky and Uncertain Projects 12 Evaluation of Risky Projects 185 13 The Option Value of Uncertain Projects 203 14 Evaluation of Non-marginal Projects 215 Global Conclusion 225 Index 227

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