TY - CONF T1 - ETHICAL ASPECTS OF DISCOUNTING - WHAT CAN REAL ESTATE VALUATION AND INVESTMENT EXPERTS LEARN FROM ENVIRONMENTAL ECONOMICS? T2 - 15th Annual European Real Estate Society Conference Y1 - 2008 A1 - Sven Bienert AB - Because of the changes in global climate, our civilization stands before some profound transformations which will affect all areas of our lives. In scientific circles it is now generally accepted that a significant portion of the climatic changes is due to human activity. However, up until now two spheres that have not yet been analyzed scientifically in detail are the influence of climatic conditions on the value of land and especially the effects of climate changes on future real estate values. Within this field of research a lot of very specific aspects like the role of discounting and cost-benefit analysis are of particular interest. This paper critically focuses on the role discount rates play in traditional cost-benefit analysis and real estate valuation. The results will be reflected against the ethical aspect of discounting the future social welfare. Pure time preference as accepted when analyzing marginal problems doesnít seem to be appropr iate when it comes to non-marginal impacts, intertemporal assessment and other aspects involved when dealing with the impact of climate change and the curse of action our civilization should take to avoid irreversible negative changes. We also try to answer what the real estate industry can contribute to the internalization of negative externalities and the role of discount rates in this respect. JA - 15th Annual European Real Estate Society Conference T3 - ERES: Conference CY - Krakow, Poland U3 - RePEc:arz:wpaper:eres2008_108 J1 - Conference 2008 ID - oai:eres.id:eres2008_108 M3 - 10.15396/eres2008_108 ER -