Discounting, time and value. Variability or preference

Investment decisions depend very much on a correct forecast of cash flows and an appropriate discount rate. At a first view, it does not seem to be too difficult to carry out the theoretical criteria. But how do we discount the cash-flows? How do we find the appropriate discount rate? The paper tries to evaluate some of these aspects from a behavioral point a view. As discounts rates are not constant over a period of time, they will be influenced by time and confidence. Biased by the economic environment the individual will discount the future cash-flows different. Thus, the paper will have a look at the relation between discounting, time and value.