Modified discounting and multigenerational value: widening the debate on economics and intergenerational justice (original) (raw)

Project Appraisal, 1993

Abstract

Bellinger's attempt to expand the scope of the modified discounting method (MDM) to include private sector projects that create intergenerational externalities is welcome. Indeed, many such projects affect future generations, especially through resource depletion and environmental contamination. However, the philosophical foundation of the MDM, which borrows from the Rawlsian doctrine, has not been given clear interpretation by Bellinger. This paper tries to clarify the issue and also answers a number of questions raised by Bellinger and others.

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