Introduction

Zusammenfassung

Cost-benefit-analysis is an indispensable instrument for evaluating the long-term impacts of the efficiency of policy measures. To make costs and benefits which occur at different points in time comparable, economists determine their present values through the application of a discount rate. In many cases, the size of this rate determines whether a project is classified as attractive or unattractive. This is particularly true for projects with long time horizons, such as the abatement of greenhouse gas (GHG) emissions.