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)
URLhttp://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
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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.
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