Should governments use a declining discount rate in project analysis?

Kenneth J. Arrow*, Maureen L. Cropper, Christian Gollier, Ben Groom, Geoffrey M. Heal, Richard G. Newell, William D. Nordhaus, Robert S. Pindyck, William A. Pizer, Paul R. Portney, Thomas Sterner, Richard S.J. Tol, Martin L. Weitzman

*Corresponding author for this work

Research output: Contribution to JournalArticleAcademicpeer-review


At a workshop held at Resources for the Future in September 2011, twelve of the authors were asked by the US Environmental Protection Agency (EPA) to provide advice on the principles to be used in discounting the benefits and costs of projects that affect future generations. Maureen L. Cropper chaired the workshop. Much of the discussion in this article is based on the authors' recommendations and advice presented at the workshop.

Original languageEnglish
Pages (from-to)145-163
Number of pages19
JournalReview of Environmental Economics and Policy
Issue number2
Publication statusPublished - 2014

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