The attitude of future generations towards environmental assets may well be different from ours. Even if we are tempted to believe that their sensitivity to environmental matters will be greater than ours, because of environmental depletion, we cannot make sure of that. This paper analyses the...

The choice of a discount rate is central in project evaluation, all the more since the project's horizon is distant. The controversy about the appropriate discount rate has been given a new life about environmental projects, characterized by very remote costs and/or benefits, reduced to a...