Should governments use a declining discount rate in project analysis?


At a workshop held at Resources for the Future in September 2011, twelve of the authors were asked by the US Environmental Protection Agency (EPA) to provide advice on the principles to be used in discounting the benefits and costs of projects that affect future generations. Maureen L. Cropper chaired the workshop. Much of the discussion in this article is based on the authors' recommendations and advice presented at the workshop. © The Author 2014.






Published Version (Please cite this version)


Publication Info

Arrow, KJ, ML Cropper, C Gollier, B Groom, GM Heal, RG Newell, WD Nordhaus, RS Pindyck, et al. (2014). Should governments use a declining discount rate in project analysis?. Review of Environmental Economics and Policy, 8(2). pp. 145–163. 10.1093/reep/reu008 Retrieved from

This is constructed from limited available data and may be imprecise. To cite this article, please review & use the official citation provided by the journal.

Unless otherwise indicated, scholarly articles published by Duke faculty members are made available here with a CC-BY-NC (Creative Commons Attribution Non-Commercial) license, as enabled by the Duke Open Access Policy. If you wish to use the materials in ways not already permitted under CC-BY-NC, please consult the copyright owner. Other materials are made available here through the author’s grant of a non-exclusive license to make their work openly accessible.