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Journal of Economic Literature - Book Review

JEL Volume. 51, Issue 3 | leftPrevious Review Next Review right

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Book(s) Reviewed

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

Published By: Princeton and Oxford: Princeton University Press
ISBN: 978-0-691-14876-2
Date of Publication: 2013


Book Review Detail

Reviewed by: Ben Groom of London School of Economics
Review DOI: 10.1257/jel.51.3.883.r7
Review Pages: 894-97

Book Review Abstract

Ben Groom of London School of Economics reviews, "Pricing the Planet's Future: The Economics of Discounting in an Uncertain World" by Christian Gollier. The Econlit abstract of this book begins: "Explores recent advances in the field of the social discount rate and considers how society should value the future in this context. Discusses three ways to determine the discount rate; the Ramsey rule; extending the Ramsey rule to an uncertain economic growth; random walk and mean-reversion; Markov switches and extreme events; parametric uncertainty and fat tails; the Weitzman argument; a theory of the decreasing term structure of discount rates; inequalities; discounting nonmonetary benefits; alternative decision criteria; evaluation of risky projects; the option value of uncertain projects; and evaluation of nonmarginal projects. Gollier is Professor of Economics at the University of Toulouse and Director of the Toulouse School of Economics."


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Book Review Authors

Ben Groom of London School of Economics


JEL Classifications

H43: Project Evaluation; Social Discount Rate
O40: Economic Growth and Aggregate Productivity: General


Journal of Economic Literature


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