| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w28653
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| 来源ID | Working Paper 28653
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| Choosing the Future: Markets, Ethics, and Rapprochement in Social Discounting |
| Antony Millner; Geoffrey Heal
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| 发表日期 | 2021-04-12
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| 出版年 | 2021
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| 语种 | 英语
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| 摘要 | This paper provides a critical review of the literature on choosing social discount rates (SDRs) for public cost-benefit analysis. We discuss two dominant approaches, the first based on market prices, and the second based on intertemporal ethics. While both methods have attractive features, neither is immune to criticism. The market-based approach is not entirely persuasive even if markets are perfect, and faces further headwinds once the implications of market imperfections are recognised. By contrast, the ‘ethical’ approach – which relates SDRs to marginal rates of substitution implicit in a single planner's intertemporal welfare function – does not rely exclusively on markets, but raises difficult questions about what that welfare function should be. There is considerable disagreement on this matter, which translates into enormous variation in the evaluation of long-run payoffs. We discuss the origins of these disagreements, and suggest that they are difficult to resolve unequivocally. This leads us to propose a third approach that recognises the immutable nature of some normative disagreements, and proposes methods for aggregating diverse theories of intertemporal social welfare. We illustrate the application of these methods to social discounting, and suggest that they may help us to move beyond long-standing debates that have bedevilled this field. |
| 主题 | Microeconomics
; Welfare and Collective Choice
; Environmental and Resource Economics
; Environment
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| URL | https://www.nber.org/papers/w28653
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586327
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推荐引用方式
GB/T 7714 |
Antony Millner,Geoffrey Heal. Choosing the Future: Markets, Ethics, and Rapprochement in Social Discounting. 2021.
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文件名：
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w28653.pdf
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格式：
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Adobe PDF
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