In malaria-endemic countries, the limited availability of affordable antimalarial medication has contributed to the widespread distribution of inferior counterfeit drugs. We study such markets to determine how philanthropic donors can best allocate limited funds to subsidize the purchase or...

This paper aims to explain why firms do not use NPV for all capital budgeting decisions. Differential usage is attributed to the cost of information and the incomplete dissemination of knowledge of evaluation techniques. Analysis of Australian survey data indicates that 34% of informed managers...

Studies in both corporate fi nance and environmental economics have described how discount rates should vary with the maturity of a project. The former suggests that the cost of capital should increase with the time horizon of the cash flow, while the latter recommends declining term structures...

Written as a contribution to the Long Finance Meta-Commerce programme, this paper examines the way that discount rates are used for the evaluation and management of pension schemes.The authors describe the role and function of a discount rate, and critique the methods presently in use for...

Does the case for tackling human-induced climatic change become stronger as mean-preserving uncertainty, as measured by the standard deviation of possible outcomes, rises? When excluding the real option policy choice of waiting before acting, I show that a simple set of conditions will ensure...

The initial hope for climate science was that an improved understanding of what the future might bring would lead to appropriate public policies and effective international climate agreements. Even if that hope is not realized, as now seems likely, scientific advances leading to a more refined...