welfare. He finds that preventive measures like a tax on carbon emissions are certainly required. But they are of a much smaller magnitude than those recommended in the [Stern] report. The Stern Review did not apply a 0.1 percent discount rate, but it did apply a near-zero rate of time preference. See also Public policy Engineering economics (civil engineering) Financial analysis Kaldor–Hicks efficiency Longtermism Risk–benefit ratio Ramsey growth model References Zhuang,J., Z. Liang, T. Lin and F. De Guzman. 2007. Theory and Practice in the Choice of Social Discount Rate for Cost–Benefit Analysis: A Survey. ADB. Manila. https://web.archive.org/web/20070607001342/http://www.adb.org/Documents/ERD/Working_Papers/WP094.pdf Jalil, Muaz. 2012. Approaches to measuring social discount rate: A Bangladesh perspective. BIISS JOURNAL, VOL. 33, NO. 4, October 2012. http://www.biiss.org/biiss_journal/october2012_issue.html Public economics