The Effect of the Discount Rate on Depletion of Exhaustible Resources
指出，降低贴现率会促进资源保护这一普遍观点并不总是成立，其影响取决于替代品生产的资本需求和资源储量大小，且存在至少两种储量范围下效果与常规认知相反。
This paper argues that, despite its widespread acceptance in the literature, the basic proposition that a reduction (an increase) in the discount rate leads to greater conservation (faster depletion) of an exhaustible resource is not generally valid. It shows that the effect of the discount rate on the rate of resource depletion depends on capital requirements for production of the substitute and extraction of the resource and on the size of the resource stock. In fact, it shows that there always exist at least two ranges of the resource stock size for which the effect is opposite to that conventionally believed.