-section of expected returns disappears when accounting for horizon effects. In addition, we obtain novel empirical relations …

, the notion is ordinal: we speak of ‘horizon effects’ as directional shifts in planning horizons without tallying ‘wits’ or … calibrating horizonal axes of change. Second, the derivation of horizon effects is inductive; we simply assert their inherence in … epistemological access. Planning horizons – horizon effects – suggest a new foundation for an ethical economics of conscience, social …