For policies with long-run implications, the choice of how to discount future costs and benefits can have enormous significance. RFF research interests include how to best empirically determine the appropriate discount rate, whether it should decrease over time (hyperbolic discounting), and approaches to incorporating uncertainty and tail effects.
Explainer — Aug 1, 2019
Social Cost of Carbon 101
A review of the social cost of carbon, from a basic definition to the history of its use in policy analysis.
Working Paper — Feb 1, 2019
Discounting for Public Cost–Benefit Analysis
How to bound the discount rate for a general pattern of benefits over time.
Working Paper — Dec 5, 2013
Flooding and Resilience: Valuing Conservation Investments in a World with Climate Change
In this evaluation of the climate resilience benefits of a natural infrastructure investment in the Meramec Greenway in Missouri, results suggest that the benefits in terms of avoided flood damages are significant.