G2TT
来源类型FEEM working papers "Note di lavoro" series
规范类型论文
Discounting an Uncertain Future
Christian Gollier
发表日期1997
出处Climate Change and Sustainable Development
出版年1997
语种英语
摘要We discuss the selection of the socially optimal discount rate for public investment projects that entail costs and benefits in the very long run. More specifically, we examine in an expected utility framework how the uncertainty on the growth rate of the GNP per head affects this rate. Under various conditions on preferences, as positive prudence, decreasing relative risk aversion or decreasing absolute risk aversion, we prove that (1) the fact that growth is uncertain reduces the optimal discount rate, and (2) that this discount rate should be smaller the longer the time horizon is. This rate could even become zero or negative if there is a positive probability that growth be negative. We also examine the case of Kreps-Porteus social welfare functions.
特色分类D81,D91,Q25,Q28
关键词Discounting,Uncertain growth,Log-supermodularity,Prudence,Kreps-Porteus preference
URLhttps://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/discounting-an-uncertain-future/
来源智库Fondazione Eni Enrico Mattei (Italy)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/116276
推荐引用方式
GB/T 7714
Christian Gollier. Discounting an Uncertain Future. 1997.
条目包含的文件
文件名称/大小 资源类型 版本类型 开放类型 使用许可
NDL1997-077.pdf(821KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Christian Gollier]的文章
百度学术
百度学术中相似的文章
[Christian Gollier]的文章
必应学术
必应学术中相似的文章
[Christian Gollier]的文章
相关权益政策
暂无数据
收藏/分享
文件名: NDL1997-077.pdf
格式: Adobe PDF

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。