Time horizons and discount rates in Swedish environmental policy: Who decides and on what grounds? |
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Institution: | 1. European University at St. Petersburg, 3 Gagarinskaya St., St. Petersburg 191187, Russia;2. St. Petersburg Institute for Economics and Mathematics (RAS), 36–38 Serpukhovskaya St., St. Petersburg 190013, Russia;3. Karlsruhe Institute of Technology, Department of Economics and Management, Kaiserstrasse 12, Karlsruhe 76128, Germany |
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Abstract: | Interviews with Swedish authorities reveal large variations in the time horizons and discount rates used in their policy decisions. The time horizon, i.e. the future time period for which effects are included in the analysis, is seldom longer than 40–50 years, and nuclear waste is the only area in which a time horizon longer than 100 years is used regularly. Discount rates for non-commercial purposes vary between 2 per cent and 4 per cent, with 4 per cent as the most common rate. The differences between policy areas appear to be unsystematic and insufficiently justified. We suggest that there may be a need for co-ordination and, possibly, harmonization, of the choices of time horizons and discount rates. |
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Keywords: | Time horizon Planning Social discount rate Public policy Environment |
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