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Discounting compensation for injuries.

C Price1

  • 1School of Agricultural and Forest Sciences, University of Wales, Bangor, Gwynedd, United Kingdom. c.price@bangor.ac.uk

Risk Analysis : an Official Publication of the Society for Risk Analysis
|April 21, 2001
PubMed
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Discounting future costs and benefits is inappropriate for injuries. Standard economic methods fail to account for the true cost of future harm, impacting present and future generations.

Area of Science:

  • Health Economics
  • Environmental Economics
  • Public Policy

Background:

  • Traditional economic discounting applies to costs and benefits, but its applicability to future injuries is questionable.
  • Time preference, a common justification for discounting, does not adequately address intergenerational or intragenerational equity concerns regarding injuries.

Purpose of the Study:

  • To critically evaluate the appropriateness of conventional discounting methods for future injury costs.
  • To explore alternative considerations for valuing future harm, including diminishing marginal utility of compensation.

Main Methods:

  • Theoretical economic analysis of discounting principles.
  • Examination of the interplay between investment returns, diminishing marginal utility of consumption, and optimal growth rates.

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Main Results:

  • Standard discounting based on investment returns is offset by the diminishing marginal utility of compensation as consumption increases.
  • The implicit discount rate for future injuries can be positive, zero, or negative, depending on elasticity and growth rates.
  • Conventional discounting fails to appropriately address the cost of injuries for present and future populations.

Conclusions:

  • Discounting future injury costs using standard economic models is fundamentally flawed.
  • New frameworks are needed to accurately assess and compensate for future harm, ensuring intergenerational equity.