This study exploits the data from a full-preference ranking Choice Experiment (CE) designed to investigate how respondents evaluate a set of proposed improvements in the Asopos water catchment in Greece. These improvements are following the prescriptions of the European Union Water Framework...

Recent research suggests that social cost-benefit analysis should be conducted with a declining discount rate. For instance Newell and Pizer [Discounting the distant future: how much do uncertain rates increase valuations? J. Environ. Econ. Manage. 46 (2003) 52-71] show that the US...

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...

Recent work in evaluating investments with long-term consequences has turned towards establishing a schedule of Declining Discount Rates (DDRs). Using US data we show that the employment of models that account for changes in the interest rate generating mechanism has important implications for...