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Values in Time Discounting.

Conrad Heilmann1

  • 1Erasmus Institute for Philosophy and Economics (EIPE), Faculty of Philosophy, Erasmus University Rotterdam, P.O. Box 1783, 3000 DR, Rotterdam, The Netherlands. heilmann@fwb.eur.nl.

Science and Engineering Ethics
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Summary

Time discounting in climate economics is an ethical issue, not purely scientific. Economists frequently debate values, showing entanglement of facts and values in current methods.

Keywords:
Discount ratePhilosophy of economicsStern review, climate economicsTime discountingValue-free ideal

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Area of Science:

  • Environmental economics
  • Climate change decision-making
  • Ethics in economics

Background:

  • The debate over time discounting in climate economics, particularly between the Stern Review and its critics, highlights significant controversies.
  • Time discounting is a critical factor in economic models for climate change policy, influencing long-term investment and mitigation strategies.

Purpose of the Study:

  • To examine the role of ethical values in the time discounting debate within climate economics.
  • To analyze the entanglement of facts and values in prevalent time discounting methodologies.
  • To propose improvements to current economic approaches to time discounting.

Main Methods:

  • Analysis of the ethical dimensions of time discounting in climate economics.
  • Review of academic literature and debates concerning time discounting methodologies.
  • Examination of the interplay between empirical data (facts) and ethical considerations (values) in economic models.

Main Results:

  • Time discounting is fundamentally an ethical problem, not solely a technical or scientific one.
  • Economists routinely engage in ethical debates, referencing values in their discussions on time discounting.
  • Significant entanglement exists between factual information and value judgments within current time discounting methodologies.

Conclusions:

  • The 'value-free ideal' in economics is challenged concerning time discounting.
  • Current methodologies for time discounting in economics require improvement to better account for ethical values.
  • Acknowledging and integrating ethical considerations is crucial for robust climate change decision-making.