How certain are we about the certainty-equivalent long term social discount rate?
نویسندگان
چکیده
منابع مشابه
The Long-Term Discount Rate∗
We develop an expression for the long-term discount rate in an economy in which a representative consumer has access to both a risk-free and a risky production technology. Even when the risk-free sector is very small, and with probability one becomes a negligible fraction of the economy in the long run, interest rates are determined differently than in a single-sector economy. As in a single-ri...
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ژورنال
عنوان ژورنال: Journal of Environmental Economics and Management
سال: 2016
ISSN: 0095-0696
DOI: 10.1016/j.jeem.2016.06.004