Discounting and sustainable development: adjusting the rate, abandoning the process, or extending the approach

REFERENCES

• Arrow , K. and Lind , R. 1970 . Uncertainty and the evaluation of public investment decisions. . American Economic Review , 60 : 364 – 78 .
   Web of Science ®Google Scholar
• Barbier , E. B. , Markandya , A. and Pearce , D. W. 1990 . Environmental sustainability and cost-benefit analysis. . Environment and Planning A , 22 : 1259 – 66 .
   Web of Science ®Google Scholar
• Barbier , E. B. 1993 . “ Introduction: economics and ecology—the next frontier. ” . In Economics and Ecology: New Frontiers and Sustainable Development Edited by: Barbier , E. B. 1 – 10 . London : Chapman & Hall .
   Google Scholar
• Beckerman , W. 1993 . Environmental Policy and the Discount Rate: Philosophy or Economics? , Global Environmental Change Working Paper GEC 93-12 (Centre for Social and Economic Research on the Global Environment (CSERGE), University of East Anglia and University College London) .
   Google Scholar
• Beckerman , W. 1994 . 'Sustainable Development': Is it a useful concept? . Environmental Values , 3 ( 3 ) : 191 – 209 .
   Web of Science ®Google Scholar
• Bishop , R. C. 1978 . Endangered species and uncertainty. The economics of a safe minimum standard. . American Journal of Agricultural Economics , 60 : 10 – 18 .
   Web of Science ®Google Scholar
• Boadway , R. and Bruce , N. 1984 . Welfare Economics Oxford : Blackwell .
   Google Scholar
• Bowers , J. and Hopkinson , P. 1994 . The treatment of landscape in project appraisal: consumption and sustainability approaches. . Project Appraisal , 9 ( 2 ) : 110 – 18 .
   Google Scholar
• Brown , S. P. 1983 . A note on environmental risk and the rate of discount. . Journal of Environmental Economics and Management , 10 : 282 – 6 .
   Web of Science ®Google Scholar
• Callahan , D. 1981 . “ What Obligations Do We Have to Future Generations? ” . In Responsibilities to Future Generations: Environmental Ethics Edited by: Partridge , E. 73 – 85 . Buffalo : Prometheus .
   Google Scholar
• Crowards , T. M. 1996a . Defining the features of sustainable development for a developing country. . Journal of Environmental Planning and Management , 39 : 295 – 6 .
   Google Scholar
• Crowards , T. M. 1996b . Addressing Uncertainty in Project Evaluation: The Costs and Benefits of Safe Minimum Standards , Global Environmental Change Working Paper GEC 96-04 (Centre for Social and Economic Research on the Global Environment (CSERGE), University of East Anglia and University College London) .
   Google Scholar
• Cumberland , J. H. 1991 . “ Intergenerational Transfers and Ecological Sustainability. ” . In Ecological Economics: The Science and Management of Sustainability Edited by: Costanza , R. 355 – 66 . New York : Columbia University Press .
   Google Scholar
• Daly , H. E. 1995 . On Wilfred Beckerman's Critique of Sustainable Development. . Environmental Values , 4 ( 1 ) : 49 – 55 .
   Web of Science ®Google Scholar
• Daly , H. E. and Cobb , J. B. 1989 . For the Common Good: Redirecting the Economy Toward Community Boston : Beacon Press .
   Google Scholar
• Daly , H. and Costanza , R. 1992 . Natural capital and sustainable development. . Conservation Biology , 6 ( 1 ) : 37 – 46 .
   Web of Science ®Google Scholar
• de Groot , R. S. 1994 . “ Environmental Functions and the Economic Value of Natural Ecosystems. ” . In Investing in Natural Capital: The Ecological Economics Approach to Sustainability Edited by: Jansson , A.-M. , Hammer , M. , Folke , C. and Costanza , R. Washington, DC : Island Press . Ch. 9
   Google Scholar
• de-Shalit , A. 1995 . Why Posterity Matters; Environmental Policies and Future Generations London : Routledge .
   Google Scholar
• Derr , T. S. 1981 . “ The Obligation to the Future. ” . In Responsibilities to Future Generations: Environmental Ethics Edited by: Partridge , E. 37 – 44 . Buffalo : Prometheus .
   Google Scholar
• Douthwaite , R. 1992 . The Growth Illusion: How economic growth has enriched the few, impoverished the many, and endangered the planet Bideford : Green Books .
   Google Scholar
• Dryzek , J. 1987 . Rational Ecology: the political economy of environmental choice Oxford : Basil Blackwell .
   Google Scholar
• Ehrlich , P. R. 1989 . The limits to substitution: Meta-resource depletion and a new economic-ecological paradigm. . Ecological Economics , 1 ( l ) : 9 – 16 .
   Google Scholar
• Fisher , A. C. and Krutilla , J. V. 1975 . Resource conservation, environmental preservation, and the rate of discount. . Quarterly Journal of Economics , 89 : 358 – 70 .
   Web of Science ®Google Scholar
• Georgescu-Roegen , N. 1979 . “ Comments on the Papers by Daly and Stiglitz. ” . In Scarcity and Growth Reconsidered Edited by: Smith , V. K. 95 – 105 . Baltimore : John Hopkins University Press .
   Google Scholar
• Gittinger , J. P. 1982 . Economic Analysis of Agricultural Projects Baltimore : John Hopkins Press for the Economic Development Institute of The World Bank .
   Google Scholar
• Golding , M. P. 1981 . “ Obligations to Future Generations. ” . In Responsibilities to Future Generations: Environmental Ethics Edited by: Partridge , E. 61 – 72 . Buffalo : Prometheus .
   Google Scholar
• Treasury , HM . 1991 . Economic Appraisal in Central Government: a Technical Guide for Government Departments London : HMSO .
   Google Scholar
• Hanley , N. and Craig , S. 1991 . Wilderness Development Decisions and the Krutilla-Fisher model: the case of Scotland's Flow country. . Ecological Economics , 4 ( 2 ) : 145 – 64 .
   Google Scholar
• Heister , J. and Schneider , F. 1993 . “ Ecological Concerns in a Market Economy: On Ethics, Accounting and Sustainability. ” . In Economic Progress and Environmental Concerns Edited by: Giersch , H. 25 – 48 . Berlin : Springer Verlag .
   Google Scholar
• Henderson , N. and Bateman , I. 1995 . Empirical and public choice evidence for hyperbolic social discount rates and the implications for intergenerational discounting. . Environmental and Resource Economics , 5 : 413 – 23 .
   Google Scholar
• Jacobs , M. 1991 . The Green Economy London : Pluto Press .
   Google Scholar
• Jacobs , M. 1995 . Sustainable development, capital substitution and economic humility: a response to Beckerman. . Environmental Values , 4 ( 1 ) : 57 – 68 .
   Web of Science ®Google Scholar
• Krautkraemer , J. 1988 . The rate of discount and the preservation of natural environments. . Natural Resources Modelling , 2 : 121 – 37 .
   Google Scholar
• Kula , E. 1988 . Future generations: the modified discounting method. . Project Appraisal , 3 ( 2 ) : 85 – 8 .
   Google Scholar
• Kula , E. 1992 . Economics of Natural Resources and the Environment London : Chapman & Hall .
   Google Scholar
• Kula , E. 1996 . Health cost of a nuclear waste repository, WIPP. . Environmental Management , 20 : 81 – 7 .
   Web of Science ®Google Scholar
• Livingstone , I. and Tribe , M. 1995 . Projects with long time horizons: their economic appraisal and the discount rate. . Project Appraisal , 10 ( 2 ) : 66 – 76 .
   Google Scholar
• Markandya , A. and Pearce , D. W. 1988 . Environmental Considerations and the Choice of Discount Rates in Developing Countries , Environment Department Working Paper No. 3 World Bank .
   Google Scholar
• Markandya , A. and Pearce , D. 1994 . “ Natural Environments and the Social Rate of Discount. ” . In The Economics of project Appraisal arid the Environment Edited by: Weiss , J. Aldershot : Edward Elgar . Ch. 3
   Google Scholar
• Marsh , L. L. , Porter , D. R. and Salvesen , D. A. 1996 . Mitigation Banking: Theory and Practice Washington, DC : Island Press .
   Google Scholar
• McAllister , D. M. 1980 . Evaluation in Environmental Planning: Assessing Environmental, Social, Economic, and Political Trade-offs London : MIT Press .
   Google Scholar
• Morris , J. 1987 . Evaluating the wetland resource. . Journal of Enuironnienta1 Management , 24 : 147 – 56 .
   Google Scholar
• Munasinghe , M. 1993 . Environmental Economics and Sustainable Development , Environment Paper Number 3 World Bank .
   Google Scholar
• Nijkamp , P. and Rouwendal , J. 1988 . Inter-generational discount rates in long-term plan evaluation. . Public Finance , 43 ( 2 ) : 195 – 211 .
   Google Scholar
• Norgaard , R. B. and Howarth , R. B. 1991 . “ Sustainability and Discounting the Future. ” . In Ecological Economics: The Science and Management of Sustainability Edited by: Costanza , R. 88 – 101 . New York : Columbia University Press .
   Google Scholar
• Norton , B. G. 1989 . Intergenerational equity and environmental decisions: A model based on Rawls' Veil of Ignorance. . Ecological Economics , 1 : 137 – 59 .
   Google Scholar
• Page , T. 1983a . “ Sharing Resources with the Future. ” . In An Annotated Reader in Environmental Planning and Management Edited by: O'Riordan , T. and Turner , R. K. 131 – 4 . Oxford : Pergamon Press .
   Google Scholar
• Page , T. 1983b . “ Intergenerational Justice As 0pportunity. ” . In Energy and the Future Edited by: Maclean , D. and Brown , P. G. Totowa, NJ : Rowman and Littlefield . Ch. 3
   Google Scholar
• Page , T. 1991 . “ Sustainability and the Problem of Valuation. ” . In Ecological Economics: The Science and Management of Sustainability Edited by: Costanza , R. 58 – 74 . New York : Columbia University Press .
   Google Scholar
• Parfit , D. 1983 . “ Energy Policy and the Further Future: The Social Discount Rate. ” . In Energy and the Future Edited by: MacLean , D. and Brown , P. G. Totowa, NJ : Rowman and Littlefield . Ch. 2
   Google Scholar
• Partridge , E. , ed. 1981 . Responsibilities to Future Generations: Environmental Ethics Buffalo : Prometheus .
   Google Scholar
• Pearce , D. 1983 . “ Accounting for the Future. ” . In An Annotated Reader in Environmental Planning and Management Edited by: O'Riordan , T. and Turner , R. K. 117 – 22 . Oxford : Pergamon Press .
   Google Scholar
• Pearce , D. W. 1994 . Commentary. . Environment and Planning , 26 : 1329 – 38 .
   Web of Science ®Google Scholar
• Pearce , D. , Markandya , A. and Barbier , E. B. 1989 . Blueprint for a Green Economy London : Earthscan .
   Google Scholar
• Pearce , D. and Ulph , D. 1995 . A Social Discount Rate for the United Kingdom. Global Environmental Change Working Paper GEC 95-01. (Centre for Social and Economic Research on the Global Environment (CSERGE) University of East Anglia and University College London) .
   Google Scholar
• Perrings , C. 1987 . Economy and Environment Cambridge : Cambridge University Press .
   Google Scholar
• Perrings , C. , Folke , C. and Maler , K.-G. 1992 . The ecology and economics of biodiversity loss: the research agenda. . Ambio , 21 ( 3 ) : 201 – 11 .
   Web of Science ®Google Scholar
• Perrings , C. 1993 . “ Stress, shock and the sustainability of optimal resource utilization in a stochastic environment. ” . In Economics and Ecology: New Frontiers and Sustainable Development Edited by: Barbier , E. B. 66 – 95 . London : Chapman & Hall .
   Google Scholar
• Perrings , C. and Pearce , D. W. 1994 . Threshold effects and incentives for the conservation of biodiversity. . Environmental arid Resource Economics , 4 : 13 – 28 .
   Google Scholar
• Portney , P. R. 1990 . Comments on ‘discounting’ session. . Journal of Environmental Economics and Management , 18 : S63 – S64 .
   Google Scholar
• Price , C. 1989 . Equity, consistency, efficiency and new rules for discounting. . Project Appraisal , 4 ( 3 ) : 58 – 65 .
   Google Scholar
• Price , C. 1993 . Time, Discounting und Value Oxford : Blackwell .
   Google Scholar
• Prince , R. 1985 . A note on environmental risk and the rate of discount: A comment. . Journal of Environmental Economics and Management , 12 : 179 – 80 .
   Web of Science ®Google Scholar
• Savvides , S. 1994 . Risk analysis in investment appraisal. . Project Appraisal , 9 ( 1 ) : 3 –18
   Google Scholar
• Schulze , P. C. 1994 . Cost-benefit analyses and environmental policy. . Ecological Economics , 9 ( 3 ) : 197 – 9 .
   Web of Science ®Google Scholar
• Skolimowski , H. 1995 . In defence of sustainable development. . Environmental Values , 4 ( 1 ) : 69 – 70 .
   Web of Science ®Google Scholar
• Spash , C. L. 1994 . Double CO2 and beyond: benefits, costs and compensation. . Ecological Economics , 10 ( 1 ) : 27 – 36 .
   Web of Science ®Google Scholar
• Stiglitz , J. E. 1979 . “ A Neoclassical Analysis of the Economics of Natural Resources. ” . In Scarcity and Growth Reconsidered Edited by: Smith , V. K. 36 – 66 . Baltimore : John Hopkins University Press .
   Google Scholar
• Tacconi , L. and Bennet , J. 1995 . Economic implications of intergenerational equity for biodiversity conservation. . Ecological Economics , 12 ( 3 ) : 209 – 23 .
   Web of Science ®Google Scholar
• Thompson , K. 1988 . Future generations: the modified discounting method—a reply. . Project Appraisal , 3 : 171 – 2 .
   Google Scholar
• Tietenberg , T. H. 1988 . Environmental and Natural Resource Economics Boston : Scott, Foreman and Company .
   Google Scholar
• Turner , R. K. 1993 . “ Sustainability: Principles and Practice. ” . In Sustainable Environmental Economics and Management: Principles and Practice Edited by: Turner , R. K. 3 – 36 . London : Belhaven Press .
   Google Scholar
• Turner , R. K. 1995 . Sustainable Development and Climate Change , Policy Analysis Working Paper PA 95-01 (Centre for Social and Economic Research on the Global Environment (CSERGE), University of East Anglia and University College London) .
   Google Scholar
• UK Department of the Environment . 1994 . Environmental Appraisal in Government Departments London : HMSO .
   Google Scholar
• van den Bergh , J. C.J.M. and Nijkamp , P. 1991 . Operationalizing sustainable development: dynamic ecological economic models. . Ecological Economics , 4 ( 1 ) : 11 – 33 .
   Google Scholar
• Weitzman , M. L. 1994 . On the ‘Environmental’ discount rate. . Journal of Environment Economics and Management , 26 : 200 – 9 .
   Web of Science ®Google Scholar
• Young , M. D. 1992 . Sustainable Investment and Resource Use: Equity, Environmental Integrity and Economic Efficiency Paris and Carnforth : UNESCO and Parthenon Publishing .
   Google Scholar
• Zwahlen , R. 1995 . The Sustainability of resources versus the sustainability of use: a comment. . The International Journal of Sustainable Development and World Ecology , 2 : 294 – 6 .
   Web of Science ®Google Scholar