Economics and the future : time and discounting in private and public decision making 1. Time and discounting in economic decision making David J. Pannell and Steven G.M. Schilizzi 2. Investigating net benefits from alternative uses of resources Bill Malcolm 3. Avoiding simplistic assumptions in discounting cash flows for private decisions David J. Pannell 4. Compounding and discounting under risk : net present values and real option values Greg Hertzler 5. Risk discounting and the public sector John Quiggin 6. Reconsidering reconsidered : why sustainable discounting need not be inconsistent over time John C.V. Pezzey 7. Discounting the distant future using short time horizons : investments with irreversible benefits Steven G.M. Schilizzi 8. Discounting future prospects and the quest for sustainability Alan Randall 9. How should we discount the future : an environmental perspective Michael D. Young and Darla Hatton MacDonald 10. Discounting the future Cédric Philibert 11. Discounting the distant future : why so many voices and so little consensus Steven G.M. Schilizzi 12. Time will tell : pending questions on discounting Steven G.M. Schilizzi and David J. Pannell Economics and the Future tackles the discounting issue from a number of angles ranging from relatively short term private financial decisions to very long term public issues spanning generations. The authors present differing perspectives and original ideas in a style that remains accessible while addressing some of the more difficult questions about discounting in theory and practice. It reveals that the economic issues regarding time are embedded in a broader social ethical and philosophical context