the blue ribbon panel agreed that theory provides strong arguments for a declining certainty-equivalent discount rate. although the empirical literature also supports a rate that is declining over time (especially in the presence of uncertainty about future costs and/or benefits), the results from the empirical literature vary widely depending on the model assumptions and underlying data. if a declining rate schedule were to be adopted in the united states, this group of experts recommends that the EPA's Science Advisory Board be asked to develop criteria that could be used as the common foundation for determining what the schedule should look like