Declining discount rate and the social cost of carbon: Forestry consequences

Ainslie, 1991, Derivation of “rational” economic behavior from hyperbolic discount curves, Am. Econ. Rev. Pap. Proc., 81, 334 Anthoff, 2011, The time evolution of the social cost of carbon: an application of FUND, Economics, 1 Arrhenius, 1896, Ueber den Einfluss des Atmosphärischen Kohlensäurengehalts auf die Temperatur der Erdoberflächen [On the effects of carbonic acid in the atmosphere on the temperature of the Earth's surface.], Proc. R. Swedish Acad. Sci., Stockholm, 22, 1 Bellinger, 1991, Multigenerational value: modifying the modified discounting method, Proj. Apprais., 6, 101, 10.1080/02688867.1991.9726802 Benzion, 1989, Discount rates inferred from decisions – an experimental study, Manage. Sci., 35, 270, 10.1287/mnsc.35.3.270 Clarkson, 2002 Cline, 1992 Department of Energy and Climate Change, 2009 Det Kongelige Finansdepartment [The Royal Finance Department], 2014, Prinsipper og krav ved utarbeidelse av samfunnsøkonomiske analyser mv Principles and Requirements for the Preparation of Economic Analyses, etc. Elster, 1984 Fankhauser, 1995 Healey, 2000, The cost of carbon retention by reduced impact logging, For. Ecol. Manag., 139, 237, 10.1016/S0378-1127(00)00385-6 Hepburn, 2007, Recent advances in discounting: implications for forest economics, J. For. Econ., 13, 169 HM Treasury, 2011 Hoen, 1994, Potential and economic efficiency of carbon sequestration in forest biomass through silvicultural management, For. Sci., 40, 429 Kula, 1981, Future generations and discounting rules in public sector investment appraisal, Environ. Plan. A, 13, 899, 10.1068/a130899 Lebègue, 2005, Révision du Taux d’Actualisation des Investissements Publics Li, 2000, Renewable resources and economic sustainability: a dynamic analysis with heterogeneous time preferences, J. Environ. Econ. Manag., 40, 236, 10.1006/jeem.1999.1121 Lindner, 2007, Carbon inventory methods and carbon mitigation potentials of forests in Europe: a short review of recent progress, Eur. J. For. Res., 126, 149, 10.1007/s10342-006-0161-3 Loewenstein, 1993, The fall and rise of psychological explanations in the economics of intertemporal choice, 3 Maier-Reimer, 1987, Transport and storage of CO2 in the ocean. An inorganic ocean-circulation carbon cycle model, Clim. Dyn., 11, 63, 10.1007/BF01054491 Nordhaus, 1992, An optimal transition path for controlling greenhouse gases, Science, 258, 1315, 10.1126/science.258.5086.1315 Nordhaus, 2007, A review of the stern review on the economics of climate change, J. Econ. Lit., 45, 686, 10.1257/jel.45.3.686 Olschewski, 2010, Optimizing joint production of timber and carbon sequestration of afforestation projects, J. For. Econ., 16, 1 Pearce, 1991 Price, 1995, Emissions, concentrations and disappearing CO2, Resour. Energy Econ., 17, 87, 10.1016/0928-7655(94)00028-I Price, 2005, How sustainable is discounting?, 106, 10.1007/1-4020-3518-7_6 Price, 2011, Optimal rotation with declining discount rate, J. For. Econ., 17, 307 Price, C., 2012a. A nightmare waiting in the wings: the social cost of carbon, forest economics and declining discount rates. Paper presented at the 4th Faustmann Symposium, Saariselkä, available from the author at [email protected]. Price, 2012, Samuelson on forest economics: an inadvertent tribute to Faustmann, and a few others, J. Nat. Resour. Policy Res., 4, 219, 10.1080/19390459.2012.706135 Price, 1985, Social discounting and the distribution of project benefits, J. Dev. Stud., 21, 525, 10.1080/00220388508421960 Price, 1993, Time, discounting and the valuation of forestry's carbon fluxes, Commonw. For. Rev., 72, 265 Price, 2011, The multiple effects of carbon values on optimal rotation, J. For. Econ., 17, 298 Samuelson, 1976, Economics of forestry in an evolving society, Econ. Inq., 14, 466, 10.1111/j.1465-7295.1976.tb00437.x Siegenthaler, 1978, Predicting future atmospheric carbon dioxide levels, Science, 199, 388, 10.1126/science.199.4327.388 Siegenthaler, 1993, Atmospheric carbon dioxide and the ocean, Nature, 365, 119, 10.1038/365119a0 Stern, 2006 Tol, 2009, The economic effects of climate change, J. Econ. Perspect., 23, 29, 10.1257/jep.23.2.29 Tol, 2013, Targets for global climate policy: an overview, J. Econ. Dyn. Control, 37, 911, 10.1016/j.jedc.2013.01.001 Valatin, 2014, How cost-effective is forestry for climate change mitigation?, 297 van Kooten, 1995, The economics of reforestation in British Columbia when benefits of CO2 reduction are taken into account, 227 Weitzman, 1998, Why the far-distant future should be discounted at the lowest possible rate, J. Environ. Econ. Manag., 36, 201, 10.1006/jeem.1998.1052 Weitzman, 2001, Gamma discounting, Am. Econ. Rev., 91, 260, 10.1257/aer.91.1.260