منابع مشابه
Discounting an uncertain future
The objective of this paper is to determine the socially optimal discount rate for public investment projects that entail costs and benefits in the very long run. We suppose that there is an exogenous process for the growth of consumption per capita, which is stochastic. We first evaluate the determinants of the discount rate for a specific horizon when the representative agent has a recursive ...
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J. Doyne Farmer & John Geanakoplos Assessing the relative value of a benefit (or harm) in the future vs. the present is a fundamental problem in economics1. The conventional approach is to discount the future exponentially. This can be motivated by the opportunity cost relative to an investment paying fixed interest2. In contrast, real interest rates vary randomly, so the resulting effective di...
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ژورنال
عنوان ژورنال: The Lancet Global Health
سال: 2015
ISSN: 2214-109X
DOI: 10.1016/s2214-109x(15)70083-5