@article{Karp:7192,
      recid = {7192},
      author = {Karp, Larry S. and Tsur, Yacov},
      title = {Discounting and Climate Change Policy},
      address = {2007},
      number = {1557-2016-132839},
      series = {CUDARE Working Paper},
      pages = {25},
      year = {2007},
      abstract = {A constant social discount rate cannot reflect both a  reasonable opportunity cost of public funds and an  ethically defensible concern for generations in the
distant  future. We use a model of hyperbolic discounting that  achieves both goals. We imbed this discounting model in a  simple climate change model to calculate “constant  equivalent discount rates” and plausible levels of  expenditure to control climate change. We compare these  results to discounting assumptions and policy  recommendations in the Stern Review on Climate Change},
      url = {http://ageconsearch.umn.edu/record/7192},
      doi = {https://doi.org/10.22004/ag.econ.7192},
}