Social Discounting - Application to the Risk Management of Climate Change
A cost-benefit analysis plays a vital role in important social decision-making. The application of discount rates plays a crucial role in the quantitative portion of this analysis, especially when dealing with issues involving costs and benefits over prolonged periods, which is the case in the assessment of strategies, projects, and investments involving climate change considerations. The objective of this paper is to discuss the factors that affect and should be considered in the development of social discount rates, with a primary focus on social cost-benefit analyses of climate change-related strategies, programs, and investments involving mitigation and ex-ante adaption efforts.
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