This paper addresses enduring misunderstandings about ‘social opportunity cost’ versus ‘social time preference’ discounting. Read more
social time preference
A substantial literature of social discounting has now extended over more than 50 years, but practical approaches in developed economies... Read more
Agents exhibit pure intergenerational altruism if they care not just about the consumption utility experienced by future generations, but about... Read more
NBER Working Paper. A group of agents disagree about the appropriate inter temporal preferences to use when exploiting a common productive resource. Read more
Abstract To what extent does economic analysis of climate change depend on low-probability, high-impact events? This question has received a... Read more
Working Paper 9 Abstract To what extent does economic analysis of climate change depend on low-probability, high-impact events? This question... Read more
Abstract In this final rejoinder to the symposium on “The Economics of Climate Change: The Stern Review and Its Critics,” we respond... Read more