摘要：The application of standard cost-benefit analysis to evaluate long-term policies
has been heavily criticized, in particular because of discounting, which is accused of putting
too little weight on the future, thus contradicting the precautionary principle. Based on
the example of climate mitigation policies, we show why discounting, rigorously applied,
is necessary to clarify the issues at stake in the decision. In particular, we demonstrate that,
within a sequential decision-making framework with increasing information, the value of
pure time discounting matters less than the assumptions we make about future growth,
