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Discounting the Future: the Case of Climate Change

Ekeland, Ivar (2010), Discounting the Future: the Case of Climate Change. https://basepub.dauphine.fr/handle/123456789/3682

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Cahier27_Ekeland.pdf (316.3Kb)
Type
Document de travail / Working paper
Date
2010
Publisher
Université Paris-Dauphine
Series title
Cahiers de la Chaire Finance et Développement Durable
Series number
27
Published in
Paris
Pages
31
Metadata
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Author(s)
Ekeland, Ivar
Abstract (EN)
According to the Stern Report on climate change, the course of the next fifty years is set: present policies will impact only in the very long term, fifty to two hundred years from now. There is no market for interest rates, so far into the future, and economists must find other ways to set interest rates in a coherent way. This paper reviews some of the methods which have been used. We start with the classical Ramsey model of economic growth, which remains a central reference in the current debate, and we study the determinants of the interest rate in that framework. We then adapt the model (and the results) to take into account various concerns, namely (a) the existence of the environment as a distinct, non-producible good, (b) uncertainty on the parameters or on the model (c) intergenerational equity.
Subjects / Keywords
Interest Rates; Climate Change; Long-Term Policy Making; Growth Models
JEL
Q56 - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
Q54 - Climate; Natural Disasters and Their Management; Global Warming
E43 - Interest Rates: Determination, Term Structure, and Effects

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