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Economics and the Future

Time and Discounting in Private and Public Decision Making Edited by David J. Pannell and Steven G.M. Schilizzi, School of Agricultural and Resource Economics, The University of Western Australia, Perth, Australia
Economics and the Future tackles the discounting issue from a number of angles, ranging from relatively short-term private financial decisions, to very long-term public issues spanning generations. The authors present differing perspectives and original ideas in a style that remains accessible while addressing some of the more difficult questions about discounting in theory and practice. It reveals that the economic issues regarding time are embedded in a broader social, ethical and philosophical context.
Extent: 200 pp
Paperback Price: £33.00 Web: £26.40
Publication Date: 2008
ISBN: 978 1 84844 452 2
Availability: In Stock
Hardback Price: £79.00 Web: £71.10
Publication Date: 2006
ISBN: 978 1 84376 755 8
Availability: In Stock
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  • Economics and Finance
  • Environmental Economics
  • Public Finance
  • Environment
  • Environmental Economics
Discounting is a perennial problem for economists; it is an essential component of assessing economic comparisons over time, but a number of practical and theoretical difficulties continue to confront its use. This is especially so for economists concerned with long time horizons, such as climate change or the management of the environment and natural resources. Discounting is perhaps the area of economics that generates the most disquiet and confusion from outside the discipline.

Economics and the Future tackles the discounting issue from a number of angles, ranging from relatively short-term private financial decisions, to very long-term public issues spanning generations. The authors present differing perspectives and original ideas in a style that remains accessible while addressing some of the more difficult questions about discounting in theory and practice. It reveals that the economic issues regarding time are embedded in a broader social, ethical and philosophical context.

This book explores practical and theoretical concerns in making economic comparisons over time, and presents innovative proposals for resolving some of the problems raised. As such, it will be of great interest to a wide-ranging audience including: academics and students focusing on economics, economic consultants, analysts and policy advisors and environmental organizations.
‘This excellent book is essential reading for anyone involved with discounting methodology and practice. . . a valuable information source for anyone concerned with discounting procedures.’
– Economic Outlook and Business Review
Contributors: D. Hatton MacDonald, G. Hertzler, B. Malcolm, D.J. Pannell, J.C.V. Pezzey, C. Philibert, J. Quiggin, A. Randall, S.G.M. Schilizzi, M.D. Young
Contents:

Preface

1. Time and Discounting in Economic Decision Making
David J. Pannell and Steven G.M. Schilizzi

2. Investigating Net Benefits from Alternative Uses of Resources
Bill Malcolm

3. Avoiding Simplistic Assumptions in Discounting Cash Flows for Private Decisions
David J. Pannell

4. Compounding and Discounting Under Risk: Net Present Values and Real Option Values
Greg Hertzler

5. Risk, Discounting and the Public Sector
John Quiggin

6. Reconsidering Reconsidered: Why Sustainable Discounting Need Not be Inconsistent Over Time
John C.V. Pezzey

7. Discounting the Distant Future Using Short Time Horizons: Investments with Irreversible Benefits
Steven G.M. Schilizzi

8. Discounting Future Prospects, and the Quest for Sustainability
Alan Randall

9. How Should We Discount the Future? An Environmental Perspective
Michael D. Young and Darla Hatton MacDonald

10. Discounting the Future
Cédric Philibert

11. Discounting the Distant Future: Why So Many Voices and So Little Consensus?
Steven G.M. Schilizzi

12. Time Will Tell: Pending Questions on Discounting
Steven G.M. Schilizzi and David J. Pannell

Index