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Two items examining discounting in the long term were produced as background papers for HM Treasury's revision of 'The Green Book', Appraisal and Evaluation in Central Government, published in 2003. Discounting is the process by which the values attached by people to goods and services at different times can be compared in the appraisal of public sector policies and projects.
Observations on discounting and the very long term
This is a slightly revised version of a text by Michael Spackman. It provided background to a commentary on a draft of the OXERA paper, discussed at a meeting of the Steering Group of government departments on 27 September 2002. It is derived from a paper written by the author for an OECD conference in April 20021. Michael Spackman is a Special Adviser at National Economic Research Associates (NERA) and a Visiting Fellow at the Centre for Analysis of Risk and Regulation at the London School of Economics.
A Social Time Preference Rate for use in Long-Term Discounting
This is a report commissioned by Communities and Local Government, DfT and Defra from consultants OXERA. It explores recent developments in the social discount rate literature, makes them accessible to an informed audience, and identifies a suitable approach to long term discount rates.
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