Intergenerational equity and discounting |
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Authors: | Ferenc L Tóth |
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Institution: | (1) Potsdam Institute for Climate Impact Research (PIK), Postfach 601203, D-14412 Potsdam, Germany |
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Abstract: | A standard framework is presented as an underlying model for the discounting debate. Views and proposals for the techniques
and rates of discounting are assessed. Alternative modeling frameworks for studying intergenerational equity issues are evaluated
with the result that the basic insights they provide do not differ very much. Results from model experiments involving different
discount rate proposals show that fudging the discount rate does not lead to efficient climate policy. Three major clusters
of opinions are identified regarding the applicability of cost-benefit analysis to the climate change problem and the appropriate
discount rate to use. It is concluded that under some very special circumstances the cost-benefit rule should be abandoned
and cost-effective strategies implying standard discount rates should be sought to reach clearly defined and justified environmental
targets.
This revised version was published online in July 2006 with corrections to the Cover Date. |
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Keywords: | integrated assessments climate change discounting equity climate policy |
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