N’oublions pas le futur. Valeurs, justice et taux d’actualisation

Abstract

The consequences of discounting are often disputed, for various motives, such as the overexploitation of natural resources or the transmission of an unacceptable level of pollution to the future generations. It is then tempting for the public authorities to overcome this difficulty by delegating to a third party the choice of the discounting methods and the discount rate. But by doing so, it gives up some of its prerogatives, finally weakens itself, in order to get in return standards, however cleverly chosen they may be, which can only arouse reluctances or oppositions, on the grounds that that they do not respect certain values bound to considerations of inter-temporal justice. It seems that it would be preferable to ensure that the public debate is targeted on these values, then only to define and apply the methods and the discount rates that may arise therefrom. The discussions on the values would so concern the roots of the decisions, and not their consequences.