Ramsey Discounting of Ecosystem Services

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• 作者：Stefan Baumg?rtner ; Alexandra M. Klein…
• 关键词：Discounting ; Ecosystem services ; (De)growth ; Heterogeneous consumption ; Relative scarcities ; Ramsey model ; Substitution ; H43 ; Q28 ; Q51 ; Q57
• 刊名：Environmental & Resource Economics
• 出版年：2015
• 出版时间：June 2015
• 年：2015
• 卷：61
• 期：2
• 页码：273-296
• 全文大小：539 KB
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• 作者单位：Stefan Baumg?rtner (1)
  Alexandra M. Klein (2) (3)
  Denise Thiel (1) (4)
  Klara Winkler (1) (5)
  
  1. Sustainability Economics Group, Leuphana University of Lüneburg, P.O. Box 2440, 21314?, Lüneburg, Germany
  2. Institute of Ecology, Leuphana University of Lüneburg, P.O. Box 2440, 21314?, Lüneburg, Germany
  3. University of Freiburg, Freiburg, Germany
  4. University of Life Sciences, Vienna, Austria
  5. Lund University, Lund, Sweden
  
• 刊物类别：Business and Economics
• 刊物主题：Economics
  Environmental Economics
  Economic Policy
  Economics
  Environmental Management
  
• 出版者：Springer Netherlands
• ISSN：1573-1502

文摘

Most ecosystem services, which are essential for human well-being, are globally declining, while the production of consumption goods, measured by GDP, is still growing. To adequately account for this opposite development in public cost-benefit analyses, it has been proposed—based on a two-goods extension of the Ramsey growth model—to apply good-specific discount rates for manufactured consumption goods and for ecosystem services. Using empirical data for ten ecosystem services across five countries and the world at large, we estimated the difference between the discount rates for ecosystem services and for manufactured consumption goods. In a conservative estimate, we found that ecosystem services in all countries should be discounted at rates that are significantly lower than the ones for manufactured consumption goods. On global average, ecosystem services should be discounted at a rate that is 0.9?\(\pm \)?0.3?%-points lower than the one for manufactured consumption goods. The difference is larger in less developed countries and smaller in more developed countries. This result supports and substantiates the suggestion that public cost-benefit-analyses should use country-specific dual discount rates—one for manufactured consumption goods and one for ecosystem services.