Declining Discount Rates: The Long and the Short of it

@article{Groom2005DecliningDR,
  title={Declining Discount Rates: The Long and the Short of it},
  author={Ben Groom and Cameron Hepburn and Phoebe Koundouri and David William Pearce},
  journal={Environmental and Resource Economics},
  year={2005},
  volume={32},
  pages={445-493}
}
The last few years have witnessed important advances in our understanding of time preference and social discounting. In particular, several rationales for the use of time-varying social discount rates have emerged. These rationales range from the ad hoc to the formal, with some founded solely in economic theory while others reflect principles of intergenerational equity. While these advances are to be applauded, the practitioner is left with a confusing array of rationales and the sense that… 
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