Discounting for personal and social payments: Patience for others,impatience for ourselves

The market rate of return on private investment is often used as the discount rate when conducting cost-benefit analysis (CBA) of public projects. I argue that the decision to invest pits current consumption against future consumption, both of which accumulate to the private decision maker. Public projects, on the other hand, provide benefits that accrue to society in general. To examine the appropriateness of discount rates based on returns to private investment, this paper considers lab experiments designed to test whether individuals discount personal and social benefits at different rates. Personal benefits are captured through personal monetary payments, while social benefits are captured through anonymous donations to charitable organizations. I jointly elicit time and risk preferences and find that subjects discount charitable contributions at significantly lower rates than personal payments.     

Effect of water content on transient nonequilibrium NAPL-gas mass transfer during soil vapor extraction

The effect of water content on the volatilization of nonaqueous phase liquid (NAPL) in unsaturated soils was characterized by one-dimensional venting experiments conducted to evaluate the lumped mass transfer coefficient. An empirical correlation based upon the modified Sherwood number, Peclet number, and normalized mean grain size was used to estimate initial lumped mass transfer coefficients over a range of water content. The effects of water content on the soil vapor extraction SVE process have been investigated through experimentation and mathematical modeling. The experimental results indicated that a rate-limited NAPL-gas mass transfer occurred in water-wet soils. A severe mass transfer limitation was observed at 61.0% water saturation where the normalized effluent gas concentrations fell below 1.0 almost immediately, declined exponentially from the initiation of venting, and showed long tailing. This result was attributed to the reduction of interfacial area between the NAPL and mobile gas phases due to the increased water content. A transient mathematical model describing the change of the lumped mass transfer coefficient was used. Simulations showed that the nonequilibrium mass transfer process could be characterized by the exponent beta, a parameter which described the reduction of the specific area available for NAPL volatilization. The nonequilibrium mass transfer limitations were controlled by the soil mean grain size and pore gas velocity, were well described by beta values below 1.0 at low water saturation, and were well predicted with beta values greater than 1.0 at high water saturation.