We address the problem of a social planner who, as in Weitzman (2001), gathers data on experts discount rates and wants to infer the socially efficient consumption discount rate. We propose an equilibrium approach and we analyse the expression and the properties of the resulting equilibrium...

The use of cost-benefit analysis (CBA) is increasingly advocated as a tool for supporting water planning decisions, in particular at the local (site) level. This paper questions whether CBA is relevant for evaluating groundwater management options at the scale of large regional aquifers. It...