منابع مشابه
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Which rates should we use to discount costs and benefits of different nature at different time horizons? We answer to this question by considering a representative agent consuming two goods whose availability evolves over time in a stochastic way. We extend the Ramsey rule by taking into account of the degree of substitutability between the two goods and of the uncertainty surrounding the econo...
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We study a model in which lifetime individual utility is derived from both present and past consumption streams. Each of these streams is discounted, the former forward in the usual way, the latter backward. We presume that an individual at date t evaluates consumption programs according to some weighted average of her own felicity (as perceived at date t) and that of “future selves” at dates g...
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The amount of money a person was willing to forgo in order to give 75 dollars to another person decreased as a hyperbolic function of the perceived social distance between them. Similar hyperbolic functions have previously been shown to describe both time and probability discounting.
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By incorporating the probability distribution directly into the analysis, this paper proposes a new theoretical approach to resolving the perennial dilemma of being uncertain about what discount rate to use in cost-benefit analysis. A numerical example is constructed from the results of a survey based on the opinions of 2,160 economists. The main finding is that even if every individual believe...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2019
ISSN: 1556-5068
DOI: 10.2139/ssrn.3412074