منابع مشابه
Very Long-Run Discount Rates
We provide the first direct estimates of how agents trade off immediate costs and uncertain future benefits that occur in the very long run, 100 or more years away. We find that very longrun discount rates are low, much lower than implied by most economic theory. We estimate these discount rates by exploiting a unique feature of residential housing markets in England, Wales and Singapore, where...
متن کاملDeclining Discount Rates: Economic Justifications and Implications for Long-Run Policy
The use of a Declining Discount Rate (DDR), in cost-benefit analysis (CBA), compared to the use of a Constant Discount Rate, implies that the policy maker will put relatively more effort to improve social welfare in the far distant future than in the shorter time. The choice between the two discount rates is crucial and linked, for example, to the problem of whether we should fight malaria and ...
متن کاملClimate Change and Long-run Discount Rates: Evidence from Real Estate
The optimal investment to mitigate climate change crucially depends on the discount rate used to evaluate the investment’s uncertain future benefits. The appropriate discount rate is a function of the horizon over which these benefits accrue and the riskiness of the investment. In this paper, we estimate the term structure of discount rates for an important risky asset class, real estate, up to...
متن کاملExplorer Discount rates for long - term projects
General rights Copyright for the publications made accessible via the Edinburgh Research Explorer is retained by the author(s) and / or other copyright owners and it is a condition of accessing these publications that users recognise and abide by the legal requirements associated with these rights. Take down policy The University of Edinburgh has made every reasonable effort to ensure that Edin...
متن کاملDiscount rates for long - term projects
General rights Copyright for the publications made accessible via the Edinburgh Research Explorer is retained by the author(s) and / or other copyright owners and it is a condition of accessing these publications that users recognise and abide by the legal requirements associated with these rights. Take down policy The University of Edinburgh has made every reasonable effort to ensure that Edin...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2013
ISSN: 1556-5068
DOI: 10.2139/ssrn.2346049