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.
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.
How Should Benefits and Costs Be Discounted in an Intergenerational Context?