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Résumé :
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The debate on the proper level of discount rates in view of sustainability is based on an assumed relation between a "pure time preference", economic growth and the interest rate. The relation is common in most dynastic Integrated Assessment Models (IAMs), and has led to much debate, since quantitative results of the IAMs highly depend on future discounting. One group of researchers advocates a descriptive time preference based on historic data to ensure efficient resource use. Another group of researches advocates the use of a prescriptive low time preference to ensure sustainable resource use. In this paper, it is argued that, though the assumption underlying the discussion is convenient for the analysis, it is fictitious and misleading. In particular, the assumed relation cannot be used to predict future interest rates. Consequently, dynastic IAMs cannot be used to provide policy makers with quantitative figures about the desirable emission reduction levels and the supporting prices.
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