Discounting with fat-tailed economic growth
نویسندگان
چکیده
منابع مشابه
Discounting with fat-tailed economic growth
When the growth of aggregate consumption exhibits no serial correlation, the socially efficient discount rate is independent of the time horizon, because the wealth effect and the precautionary effect are proportional to the time horizon. In this paper, we consider alternative growth processes: an AR(1), a Brownian motion with unknown trend or volatility, a two-state regimeswitching model, and ...
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ژورنال
عنوان ژورنال: Journal of Risk and Uncertainty
سال: 2008
ISSN: 0895-5646,1573-0476
DOI: 10.1007/s11166-008-9050-0