| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Time Horizon and the Discount Rate | |
| Christian Gollier | |
| 发表日期 | 1999 |
| 出处 | Climate Change and Sustainable Development |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | We discuss the selection of the socially efficient discount rate for public investment projects that entail costs and benefits in the far distant future. We show that the discount rate should be a decreasing function of time horizon under some specific restrictions on the distribution of uncertain growth and on preferences. We consider a logarithmic random walk for consumption. The benchmark result is that, in the absence of any risk of recession, the yield curve is decreasing if relative risk aversion is decreasing. Relaxing the assumption on the absence of recession requires more restrictions on preferences, as increasing relative prudence. |
| 特色分类 | D81,D91,Q25,Q28 |
| 关键词 | Discounting,uncertain growth,prudence,long term |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/time-horizon-and-the-discount-rate/ |
| 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/116480 |
| 推荐引用方式 GB/T 7714 | Christian Gollier. Time Horizon and the Discount Rate. 1999. |
| 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 | ||
| NDL1999-088.pdf（244KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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