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A note on environmental risk and the rate of discount |
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| Authors: | SPA Brown |
| Institution: | Research Department, Federal Reserve Bank of Dallas, Station K, Dallas, Texas 75222, USA |
| Abstract: | This paper examines the use of risk-adjusted discount rates to evaluate future environmental risks. It is determined that the risk-adjusted discount rate should be lower—not higher—than the risk-free rate if evaluation of future environmental risks is to point toward optimality. |
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