摘要：Traditional applications of benefit-cost analysis make use of what we refer to as the"damage function and discounting" (or DFD) approach. This approach is well-suited to theanalysis of projects for which the principal benefits and costs occur within the next thirty toforty years, say. However, for projects with significant intergenerational consequences--i.e.,impacts that do not arise for hundreds of years or more--the DFD approach becomes almostintractable. We propose an alternative conception of benefit-cost analysis for intergenerationaldecisionmaking--the mock referendum--that is: (i) arguably more consistent with the tenets ofmodern welfare economics; (ii) more amenable to the analysis of long-term projects or policies;and (iii) consistent with political decision(s) that must be made if climate mitigation (or otherlong-term environmental protection) measures are to be taken.
