Masoliver, Jaume, 1951-Montero Torralbo, MiquelPerelló, Josep, 1974-2021-07-092021-07-092021-07-062227-7390https://hdl.handle.net/2445/178953We develop the process of discounting when underlying rates follow a jump-diffusion process, that is, when, in addition to diffusive behavior, rates suffer a series of finite discontinuities located at random Poissonian times. Jump amplitudes are also random and governed by an arbitrary density. Such a model may describe the economic evolution, specially when extreme situations occur (pandemics, global wars, etc.). When, between jumps, the dynamical evolution is governed by an Ornstein-Uhlenbeck diffusion process, we obtain exact and explicit expressions for the discount function and the long-run discount rate and show that the presence of discontinuities may drastically reduce the discount rate, a fact that has significant consequences for environmental planning. We also discuss as a specific example the case when rates are described by the continuous time random walk.1 p.application/pdfengcc-by (c) Masoliver, Jaume, 1951- et al., 2021https://creativecommons.org/licenses/by/4.0/Processos estocàsticsFinancesTarifesClimaStochastic processesFinanceRatesClimateinfo:eu-repo/semantics/article7131112021-07-09info:eu-repo/semantics/openAccess