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Discounting Dilemmas: Editors' Introduction

dc.contributor.authorViscusi, W. Kip
dc.contributor.authorZeckhauser, Richard
dc.identifier.citation37 Journal of Risk and Uncertainty 95 (2008)en_US
dc.descriptionPublished article that analyzes risk-bearing behavior and decision-making under uncertainty.en_US
dc.description.abstractTwo developments pose dilemmas for well established discounting techniques: (1) The extremely long time horizons associated with recently prominent environmental policy problems, such as climate change and nuclear waste storage, have made it important to take seriously both benefits to future generations and extreme uncertainties in projecting the returns to policies and future well being. (2) Findings in the burgeoning field of behavioral economics have made it clear that individuals routinely depart significantly from rational prescriptions when making choices over time, thus undermining a bulwark of the discounting approach. These two sets of dilemmas are addressed in a series of papers under the headings normative analyses and behavioral analyses. These papers use concepts from psychology and philosophy to complement their economic approach.en_US
dc.format.extent1 PDF (20 pages)en_US
dc.publisherJournal of Risk and Uncertaintyen_US
dc.subject.lcshEconomics -- Psychological aspectsen_US
dc.subject.lcshRisk assessmenten_US
dc.titleDiscounting Dilemmas: Editors' Introductionen_US

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