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Pricing the Planet's Future:
The Economics of Discounting in an Uncertain World
Christian Gollier

Book Description | Reviews
Preface [in PDF format]

TABLE OF CONTENTS:

Preface vii
Introduction 1

Part I: The Simple Economics of Discounting
1 Three Ways to Determine the Discount Rate 17
2 The Ramsey Rule 26
3 Extending the Ramsey Rule to an Uncertain Economic Growth 41

Part II: The Term Structure of Discount Rates
4 Random Walk and Mean-Reversion 61
5 Markov Switches and Extreme Events 74
6 Parametric Uncertainty and Fat Tails 84
7 The Weitzman Argument 98
8 A Theory of the Decreasing Term Structure of Discount Rates 111

Part III: Extensions
9 Inequalities 131
10 Discounting Non-monetary Benefits 149
11 Alternative Decision Criteria 168

Part IV: Evaluation of Risky and Uncertain Projects
12 Evaluation of Risky Projects 185
13 The Option Value of Uncertain Projects 203
14 Evaluation of Non-marginal Projects 215

Global Conclusion 225
Index 227

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File created: 4/17/2014

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