“Uncertain as to future fate”

Bringing certainty to an uncertain future.

Academic surgery: future uncertain.

oral lithium carbonate in the treatment of pancreatic cholera syndrome. Pancreatic cholera: beneficial effects of treatment with streptozotocin. Muckadell OB, Lundqvist G. Streptozotocin treatment of a pancreatic tumour producing VIP and gastrin associated with Verner-Morrison syndrome. alone compared with streptozotocin plus fluorouracil in the treatment of advanced islet-cell carcinoma. Surge...

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 ...

Saving for an uncertain future.

T he units that are subject to selection pressure in evolutionary biology are ‘‘strategies,’’ which are conditional actions (for example, do P if X occurs; otherwise do Q). In contrast, the units in economics (they are called ‘‘people’’) select strategies from available menus so as to further their projects and purposes. If evolutionary dynamics involves mindless competition among strategies, e...

Rationally discounting an uncertain future

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...