Discounting the very distant future

Stefano Giglio, Matteo Maggiori, Johannes Stroebel, 21 June 2014

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Many important policy decisions require a consideration of costs and benefits that arise in the distant future. For example, many of the costs of climate change occur 100 or more years from now, yet actions to reduce greenhouse gas emissions have to be taken today to avert those long-run costs.

Topics: Environment, Financial markets
Tags: long-run discount rates

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