Discounting for Time and Risk in Energy Policy PDF
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Energy Policy Vol 3.qxd 9/17/2010 12:28 PM Page i R F L C ESOURCES FOR THE UTURE IBRARY OLLECTION E P NERGY OLICY Volume 3 Discounting for Time and Risk in Energy Policy Energy Policy Vol 3.qxd 9/17/2010 12:28 PM Page ii Full list of titles in the set ENERGY POLICY Volume 1: Analyzing Demand Behavior Volume 2: Limiting Oil Imports Volume 3: Discounting for Time and Risk in Energy Policy Volume 4: Economic Aspects of Oil Conservation Regulation Volume 5: Petroleum Conservation in the United States Volume 6: The Leasing of Federal Lands for Fossil Fuels Production Volume 7: Energy, Economic Growth, and the Environment Volume 8: Energy in America’s Future Volume 9: Unitization of Oil and Gas Fields in Texas Discounting for Time and Risk in Energy Policy Robert C. Lind, Kenneth J. Arrow, Gordon R. Corey, Partha Dasgupta, Amartya K. Sen, Thomas Stauffer, Joseph E. Stiglitz, J.A. Stockfisch, and Robert Wi Ison -O RFF PRESS _ RESOURCES FOR THE FUTURE New York· London First published in 1982 by Resources for the Future This edition first published in 2011 by RFF Press, an imprint of Earthscan First edition © Resources for the Future 1982 This edition © Earthscan 1982, 2011 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, except as expressly permitted by law, without the prior, written permission of the publisher. 711 Third Avenue, New York, NY, 10017, USA 2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN Earthscan publishes in association with the International Institute for Environment and Development ISBN: 978-1-61726-017-9 (Volume 3) ISBN: 978-1-61726-002-5 (Energy Policy set) ISBN: 978-1-61726-000-1 (Resources for the Future Library Collection) A catalogue record for this book is available from the British Library Publisher's note The publisher has made every effort to ensure the quality of this reprint, but points out that some imperfections in the original copies may be apparent. At Earthscan we strive to minimize our environmental impacts and carbon footprint through reducing waste, recycling and offsetting our CO emissions, including those 2 created through publication of this book. DISCOUNTING FOR TIME AND RISK IN ENERGY POLICY With comments by Robert Dorfman Martin S. Feldstein Tjalling C. Koopmans Hayne E. Leland Talbot Page Mark Sharejkin Robert Smiley James L. Sweeney Daniel Usher DISCOUNTING FOR TIME AND RISK IN ENERGY POLICY Robert C. Lind Kenneth J. Arrow • Gordon R. Corey Partha Dasgupta • Amartya K. Sen Thomas Stauffer • Joseph E. Stiglitz J. A. Stockfisch • Robert Wilson Published by Resources for the Future, Inc., Washington, D.C. Distributed by The Johns Hopkins University Press, Baltimore and London Copyright © 1982 by Resources for the Future, Inc. All rights reserved Manufactured in the United States of America Published by Resources for the Future, Inc., 1755 Massachusetts Avenue, N.W., Washington, D.C. 20036 Distributed by The Johns Hopkins University Press, Baltimore, Maryland 21218 The Johns Hopkins Press, Ltd., London Library of Congress Cataloging in Publication Data Main entry under title: Discounting for time and risk in energy policy. Includes index. 1. Energy development-United States--Cost effectiveness-Addresses, essays, lectures. 2. Energy development-Social aspects-United States-Addresses, essays, lectures. 3. Energy policy-United States Addresses, essays, lectures. I. Lind, Robert C. II. Resources for the Future. HD9502.U52D57 1982 333.79'0973 81-47619 ISBN 0-8018-2709-4 "LEGAL NOTICE" This report was prepared by the organization named below as an account of work sponsored by the Electric Power Research Institute, Inc. (EPRI). Neither EPRI, members of EPRI, the organization named below, nor any person acting on their behalf: (a) makes any warranty, express or implied, with respect to the use of any information, apparatus, method, or process disclosed in this report or that such use may not infringe privately owned rights; or (b) assumes any liabilities with respect to the use of, or for damages resulting from the use of, any information, apparatus, method, or process disclosed in this report. Resources for the Future, Inc. RESOURCES FOR THE FUTURE, INC. 1755 Massachusetts Avenue, N.W., Washington, D.C. 20036 DIRECTORS M. Gordon Wolman, Chairman Vincent E. McKelvey Charles E. Bishop Richard W. Manderbach Roberto de O. Campos Laurence I. Moss Anne P. Carter Mrs. Oscar M. Ruebhausen Emery N. Castle Leopoldo Solis William T. Creson Janez Stanovnik Jerry D. Geist Carl H. Stoltenberg David S. R. Leighton Russell E. Train Franklin A. Lindsay Robert M. White George C. McGhee Franklin H. Williams HONORARY DIRECTORS Horace M. Albright Edward S. Mason Edward J. Cleary William S. Paley Hugh L. Keenleyside John W Vanderwilt OFFICERS Emery N. Castle, President Edward F. Hand, Secretary-Treasurer Resources for the Future is a nonprofit organization for research and education in the development, conservation, and use of natural resources, including the quality of the environment. It was established in 1952 with the cooperation of the Ford Foundation. Grants for research are accepted from government and private sources only on the condition that RFF shall be solely responsible for the conduct of the research and free to make its results available to the public. Most of the work of Resources for the Future is carried out by its resident staff; part is supported by grants to universities and other nonprofit organizations. Unless otherwise stated, interpretations and conclusions in RFF publications are those of the authors; the organization takes responsibility for the selection of significant subjects for study, the competence of the researchers, and their freedom of inquiry. This book was edited by F. R. Ruskin and designed by Elsa B. Williams. The index was prepared by Florence Robinson.
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