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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. |
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 | ||
WP-87-033.pdf(995KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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