TY  - BOOK
AU  - Gollier,Christian
TI  - Pricing the Planet's Future: The Economics of Discounting in an Uncertain World 
SN  - 9780691148762
AV  - HG1651 .G65 2017
U1  - 332.84 23
PY  - 2012///]
CY  - Princeton, NJ : 
PB  - Princeton University Press, 
KW  - Discount
KW  - Investments
KW  - Social aspects
KW  - BUSINESS & ECONOMICS / Development / Sustainable Development
KW  - bisacsh
KW  - CBA
KW  - Markov switches
KW  - NPV
KW  - Poisson two-armed bandit
KW  - Ramsey rule
KW  - Weitzman argument
KW  - actual behaviors
KW  - adaptations
KW  - alternative decision criteria
KW  - backward induction
KW  - biodiversity
KW  - canonical models
KW  - capital
KW  - classical discounting approach
KW  - climate change
KW  - competitive economy
KW  - concordance
KW  - consumption
KW  - cost-benefit analysis
KW  - development sustainability
KW  - discount rate
KW  - discounted expected utility
KW  - ecological discount rate
KW  - ecological environments
KW  - economic depressions
KW  - economic development
KW  - economic growth rates
KW  - economic growth
KW  - economic reversions
KW  - economics
KW  - efficient discount rates
KW  - environmental assets
KW  - environmental policies
KW  - environmental quality
KW  - environmental risks
KW  - extreme events
KW  - fat tails
KW  - future environmental damages
KW  - future planning
KW  - inequalities
KW  - inequality aversion
KW  - interest rate
KW  - intergenerational habit formation
KW  - intergenerational welfare
KW  - intertemporal inequalities
KW  - investment opportunities
KW  - investment project selection
KW  - liquidity
KW  - long-term credit contracts
KW  - long-term growth
KW  - long-term risk
KW  - macroeconomic effects
KW  - maxmin ambiguity aversion
KW  - mean-reversion
KW  - natural resource exhaustion
KW  - net benefit
KW  - net future value
KW  - net present value
KW  - net present values
KW  - new investment opportunities
KW  - non-marginal projects
KW  - non-monetary benefits
KW  - nuclear waste disposal
KW  - option value
KW  - parametric uncertainty
KW  - pollution
KW  - positive discount rate
KW  - possible investments
KW  - precautionary effect
KW  - project valuation
KW  - public debt
KW  - public infrastructure
KW  - public policies
KW  - radical economic transformations
KW  - random walk
KW  - recursive expected utility
KW  - risk aversion
KW  - risk management
KW  - risk preferences
KW  - risk premium
KW  - risk
KW  - risky assets
KW  - risky projects
KW  - safe investment projects
KW  - safe investment
KW  - safe projects
KW  - saving
KW  - smooth ambiguity aversion
KW  - social welfare
KW  - stochastic dominance approach
KW  - substitution
KW  - term structure
KW  - theory of investment
KW  - two-period model
KW  - uncertain cash flows
KW  - uncertain economic growth
KW  - uncertain projects
KW  - uncertainty
KW  - unequal society
KW  - utility function
KW  - wealth inequalities
N1  - Frontmatter --; Contents --; Preface --; Introduction --; Part I: The Simple Economics of Discounting --; 1. Three Ways to Determine the Discount Rate --; 2. The Ramsey Rule --; 3. Extending the Ramsey Rule to an Uncertain Economic Growth --; Part II: The Term Structure of Discount Rates --; 4. Random Walk and Mean-Reversion --; 5. Markov Switches and Extreme Events --; 6. Parametric Uncertainty and Fat Tails --; 7. The Weitzman Argument --; 8. A Theory of the Decreasing Term Structure of Discount Rates --; Part III: Extensions --; 9. Inequalities --; 10. Discounting Non-monetary Benefits --; 11. Alternative Decision Criteria --; Part IV: Evaluation of Risky and Uncertain Projects --; 12. Evaluation of Risky Projects --; 13. The Option Value of Uncertain Projects --; 14. Evaluation of Non-marginal Projects --; Global Conclusion --; Index; restricted access; Issued also in print
N2  - Our path of economic development has generated a growing list of environmental problems including the disposal of nuclear waste, exhaustion of natural resources, loss of biodiversity, climate change, and polluted land, air, and water. All these environmental problems raise the crucial challenge of determining what we should and should not do for future generations. It is also central to other policy debates, including, for example, the appropriate level of public debt, investment in public infrastructure, investment in education, and the level of funding for pension benefits and for research and development. Today, the judge, the citizen, the politician, and the entrepreneur are concerned with the sustainability of our development. The objective of Pricing the Planet's Future is to provide a simple framework to organize the debate on what we should do for the future. A key element of analysis by economists is the discount rate--the minimum rate of return required from an investment project to make it desirable to implement. Christian Gollier outlines the basic theory of the discount rate and the various arguments that favor using a smaller discount rate for more distant cash flows. With principles that can be applied to many policy areas, Pricing the Planet's Future offers an ideal framework for dynamic problems and decision making
UR  - https://doi.org/10.1515/9781400845408?locatt=mode:legacy
UR  - https://www.degruyter.com/isbn/9781400845408
UR  - https://www.degruyter.com/cover/covers/9781400845408.jpg
ER  -