Abstract
Several years ago, the Congressional Budget Office (CBO) published several studies in quick succession each of which employed a discount rate to convert future values into present ones. Each study used a different discount rate. No rationale was given for the choices, and it did not seem sensible to let dealer's choice be the regime for CBO “discount rate policy”. This paper describes how CBO established a provisional policy, how that policy confronted subsequent demands for analysis, and where we now stand.
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