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Time and the Generations

Partha Dasgupta

in Climate Change and Common Sense: Essays in Honour of Tom Schelling

Published in print:
2012
Published Online:
May 2012
ISBN:
9780199692873
eISBN:
9780191738371
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199692873.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter reviews the ethical foundations of both national and international policies designed to counter global climate change. Four moral theories are identified and are shown under certain ... More


Random Walk and Mean-Reversion

Christian Gollier

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

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691148762
eISBN:
9781400845408
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691148762.003.0004
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter illustrates that the shape of the term structure of discount rates is determined by the way the wealth effect and the precautionary effects evolve with the time horizon. When the growth ... More


Between Scylla and Charybdis: Improving the Cost Effectiveness of Public Pension Retirement Plans

M. Barton Waring

in The Future of Public Employee Retirement Systems

Published in print:
2009
Published Online:
February 2010
ISBN:
9780199573349
eISBN:
9780191721946
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199573349.003.0004
Subject:
Business and Management, Public Management, Pensions and Pension Management

Unless defined benefit pension plans are managed much better and more cost-effectively, they will be replaced by defined contribution plans. Benefit and contribution policies need to be carefully ... More


Discounting Non-monetary Benefits

Christian Gollier

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

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691148762
eISBN:
9781400845408
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691148762.003.0010
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter addresses issues regarding the use of cost-benefit analyses in shaping environmental policies. It defines an ecological discount rate compatible with social welfare when the ... More


The Ramsey Rule

Christian Gollier

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

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691148762
eISBN:
9781400845408
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691148762.003.0002
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter presents the main argument in favor of a positive discount rate. In a growing economy, future generations will consume more goods and services than we do. In this context, investing for ... More


Time and the Social Discount Rate

Chris Jones

in Applied Welfare Economics

Published in print:
2005
Published Online:
July 2005
ISBN:
9780199281978
eISBN:
9780191602535
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199281971.003.0008
Subject:
Economics and Finance, Public and Welfare

Many policies impact on inter-temporal consumption choices, with taxes on capital income being the most obvious example. This chapter examines the welfare effects of linear and non-linear personal ... More


Reforming the German Civil Servant Pension Plan

Raimond Maurer, Olivia S. Mitchell, and Ralph Rogalla

in The Future of Public Employee Retirement Systems

Published in print:
2009
Published Online:
February 2010
ISBN:
9780199573349
eISBN:
9780191721946
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199573349.003.0009
Subject:
Business and Management, Public Management, Pensions and Pension Management

This chapter analyzes the risks and rewards of moving from an unfunded defined benefit pension system to a funded plan for civil servants in Germany, allowing for alternative portfolio mixes using a ... More


Estimating State and Local Government Pension and Retiree Health Care Liabilities

Stephen T. McElhaney

in The Future of Public Employee Retirement Systems

Published in print:
2009
Published Online:
February 2010
ISBN:
9780199573349
eISBN:
9780191721946
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199573349.003.0002
Subject:
Business and Management, Public Management, Pensions and Pension Management

Liabilities for pension and retiree health-care benefits provided by US state and local governments are causing concerns for taxpayers and for those holding government bonds. Many question whether ... More


Should the Multiproduct Firm Use the Market Share Metric?

Sharan Jagpal

in Fusion for Profit: How Marketing and Finance Can Work Together to Create Value

Published in print:
2008
Published Online:
September 2008
ISBN:
9780195371055
eISBN:
9780199870745
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195371055.003.0005
Subject:
Business and Management, Marketing

This chapter examines the conditions under which the multiproduct firm should use market share as a metric for resource allocation. It distinguishes short- and long-run effects, analyze the effects ... More


Discounting Future Consumption

Partha Dasgupta

in Human Well-Being and the Natural Environment

Published in print:
2001
Published Online:
November 2003
ISBN:
9780199247882
eISBN:
9780191596100
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199247889.003.0014
Subject:
Economics and Finance, Development, Growth, and Environmental

Scrutinizes a class of accounting prices that has been the object of regular misunderstanding: social discount rates. The topic is over 40 years old, yet controversy rages over matters that have long ... More


Introduction

Christian Gollier

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

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691148762
eISBN:
9781400845408
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691148762.003.0016
Subject:
Economics and Finance, Development, Growth, and Environmental

This introductory chapter considers the problem of investment project selection, i.e. which projects should be implemented to maximize intergenerational welfare. To address the challenge of ... More


The Weitzman Argument

Christian Gollier

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

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691148762
eISBN:
9781400845408
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691148762.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter examines a model in which the exogeneous rate of return of capital is constant but random. Safe investment projects must be evaluated and implemented before this uncertainty can be fully ... More


Calculating the Discount Rate for Closely Held Firms

Michael S. Long and Thomas A. Bryant

in Valuing the Closely Held Firm

Published in print:
2007
Published Online:
January 2008
ISBN:
9780195301465
eISBN:
9780199867288
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195301465.003.0007
Subject:
Economics and Finance, Financial Economics

This chapter shows how to estimate the required return for a closely held firm. It begins by reviewing the required return for a public firm. It then focuses on additional adjustments required to ... More


Markov Switches and Extreme Events

Christian Gollier

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

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691148762
eISBN:
9781400845408
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691148762.003.0005
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter examines the effects of a dramatic switch in the dynamics of economic growth for the term structure of the discount rate over the longer term. Economies undergo radical transformations. ... More


Putting a Price on the Future of Our Children and Grandchildren

Maria Damon, Kristina Mohlin, and Thomas Sterner

in The Globalization of Cost-Benefit Analysis in Environmental Policy

Published in print:
2013
Published Online:
May 2013
ISBN:
9780199934386
eISBN:
9780199333028
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199934386.003.0004
Subject:
Economics and Finance, Development, Growth, and Environmental

Discount rates have a profound effect on estimates for costs and benefits that accrue over time or in the future. Given that minute differences in discount rates can result in enormous differences in ... More


Global Conclusion

Christian Gollier

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

Published in print:
2012
Published Online:
October 2017
ISBN:
9780691148762
eISBN:
9781400845408
Item type:
chapter
Publisher:
Princeton University Press
DOI:
10.23943/princeton/9780691148762.003.0015
Subject:
Economics and Finance, Development, Growth, and Environmental

This concluding chapter summarizes the principles set forth in this volume. It argues that the discount rate is a key parameter in economics because it determines how our societies value their ... More


Applied Welfare Economics

Chris Jones

Published in print:
2005
Published Online:
July 2005
ISBN:
9780199281978
eISBN:
9780191602535
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0199281971.001.0001
Subject:
Economics and Finance, Public and Welfare

Important results in the applied welfare literature are used to extend a conventional Harberger cost-benefit analysis. A conventional welfare equation is obtained for marginal policy changes in a ... More


Cost-Benefit Paralysis

Stephen M. Gardiner

in A Perfect Moral Storm: The Ethical Tragedy of Climate Change

Published in print:
2011
Published Online:
September 2011
ISBN:
9780195379440
eISBN:
9780199897100
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195379440.003.0009
Subject:
Philosophy, Philosophy of Science

This chapter sketches some serious disputes between rival economic analyses of climate change. Such disputes result in vastly different policy recommendations, and involve serious differences in ... More


The Determinants of the Share of Investment in Output and the Complete Growth Model

Maurice FitzGerald Scott

in A New View of Economic Growth

Published in print:
1991
Published Online:
November 2003
ISBN:
9780198287421
eISBN:
9780191596872
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198287429.003.0008
Subject:
Economics and Finance, Development, Growth, and Environmental

Equations to determine the rate of investment are needed to close the model of Ch. 6. There seems to be no generally accepted theory of long‐run saving and investment. The capital stock adjustment ... More


The Meaning of Present Discounted Values

Michael M. Weinstein and Ralph M. Bradburd

in The Robin Hood Rules for Smart Giving

Published in print:
2013
Published Online:
November 2015
ISBN:
9780231158367
eISBN:
9780231535243
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231158367.003.0005
Subject:
Business and Management, Strategy

This chapter examines the notion of present discounted value (PDV). Funders prefer benefits that accrue immediately to identical benefits that accrue in the future. There are three rationales for the ... More


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