The paper shows how limited substitutability in consumption between different classes of goods affects the magnitude and time development of social discount rates. It decomposes the discount rates into an absolute growth and a relative growth or substitutability effect. The paper relates...

The ongoing debate concerning the ranking of taxes versus cap and trade for climate policy begins with \ps{Weitzman74} seminal slope-based criterion and concludes that taxes dominate quotas. We challenge this conclusion and the intuition behind it. Because technology shocks and pollution stocks...

Time and uncertainty constitute essential ingredients to many of the most challenging resource problems. With respect to the time dimension, agents are generally assumed to have a pure time preference as well as a preference for smoothing consumption over time. With respect to risk, agents are...