Recent research suggests that social cost-benefit analysis should be con ducted with a declining discount rate. For instance, Newell and Pizer [23] show that the U.S. certainty-equivalent discount rate declines through time, using a simple autoregressive model of U.S. interest rates. This paper...

We argue that gamma discounting (Weitzman, 2001) can be understood as a veridical approach to combining experts' forecasts, in which experts are treated as either right or wrong and are weighted equally in pursuit of the 'true' forecast. More appropriate is the optimal-seeking approach in which...