全球智库信息集成服务系统(G2TT): Time Preference and the Life Cycle: The Logic of Long-Term High Risk vs. Short-Term Low Risk Investment.

G2TT

来源类型	Monograph (IIASA Working Paper)
规范类型	论文
	Time Preference and the Life Cycle: The Logic of Long-Term High Risk vs. Short-Term Low Risk Investment.
	Ayres RU; Mori S
发表日期	1987
出版者	IIASA, Laxenburg, Austria: WP-87-033
出版年	1987
语种	英语
摘要	This paper argues that time-preference functions (or "discount rates") for R&D should properly be considered to be functions of the economic environment. In particular, during periods of accelerating growth and general increasing prosperity it is appropriate and rational to prefer a marginal dollar in the present to a marginal dollar in the future. Conversely, during periods of saturating growth and deteriorating prospects, the converse holds: it is rational to prefer a marginal dollar in the future to one in the present. Periods of increasing general prosperity -- rising tide -- are likely to be associated with the early phases of an industry "life cycle". Periods of declining prosperity, by contrast, may occur towards the end of the life cycle.
主题	Technology, Economy, Society (TES)
URL	http://pure.iiasa.ac.at/id/eprint/3019/
来源智库	International Institute for Applied Systems Analysis (Austria)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/123474
推荐引用方式 GB/T 7714	Ayres RU,Mori S. Time Preference and the Life Cycle: The Logic of Long-Term High Risk vs. Short-Term Low Risk Investment.. 1987.