When estimating the impacts that a proposed regulation may have over time, an important step is to apply a “discount rate” to translate future impacts to present value terms. This analysis can help determine whether the regulation costs are worth the benefits. Susan Dudley explains why using a single standard discount rate—as proposed in OMB’s Draft Circular A-4—may result in greater uncertainty than using a range of rates for regulatory impact analysis. Read Susan's essay for more details.