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Yes, we should discount the far-distant future at its lowest possible rate: a resolution of the Weitzman-Gollier puzzle
Freeman, Mark C. - 2009
In this paper the author proves that the Expected Net Future Value (ENFV) criterion can lead a risk neutral social planner to reject projects that increase expected utility. By contrast, the Expected Net Present Value (ENPV) rule correctly identifies the economic value of the project. While the...
Persistent link: https://www.econbiz.de/10010299168
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Yes, we should discount the far-distant future at its lowest possible rate: A resolution of the Weitzman-Gollier puzzle
Freeman, Mark C. - In: Economics: The Open-Access, Open-Assessment E-Journal 4 (2010) 2010-13, pp. 1-21
In this paper the author proves that the Expected Net Future Value (ENFV) criterion can lead a risk neutral social planner to reject projects that increase expected utility. By contrast, the Expected Net Present Value (ENPV) rule correctly identifies the economic value of the project. While the...
Persistent link: https://www.econbiz.de/10010300029
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Yes, we should discount the far-distant future at its lowest possible rate: A resolution of the Weitzman-Gollier puzzle
Freeman, Mark C. - In: Economics - The Open-Access, Open-Assessment E-Journal 4 (2010), pp. 1-21
In this paper the author proves that the Expected Net Future Value (ENFV) criterion can lead a risk neutral social planner to reject projects that increase expected utility. By contrast, the Expected Net Present Value (ENPV) rule correctly identifies the economic value of the project. While the...
Persistent link: https://www.econbiz.de/10008522636
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Yes, we should discount the far-distant future at its lowest possible rate: a resolution of the Weitzman-Gollier puzzle
Freeman, Mark C. - Institut für Weltwirtschaft (IfW) - 2009
In this paper the author proves that the Expected Net Future Value (ENFV) criterion can lead a risk neutral social planner to reject projects that increase expected utility. By contrast, the Expected Net Present Value (ENPV) rule correctly identifies the economic value of the project. While the...
Persistent link: https://www.econbiz.de/10008561126
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Implications of declining discount rates: Climate Change Policy in the UK
Groom, Ben; Hepburn, Cameron; Koundouri, Phoebe; … - Volkswirtschaftliche Fakultät, … - 2007
Discussions about applied Cost Benefit Analysis are incomplete without the thorny issue of discounting emerging at some point. Indeed, since the calculation of Net Present Values (NPV), and hence the efficiency of a project or policy, hinges so crucially upon the level of the discount rate...
Persistent link: https://www.econbiz.de/10011109255
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Implications of declining discount rates: Climate Change Policy in the UK
Groom, Ben; Hepburn, Cameron; Koundouri, Phoebe; … - Department of International and European Economic …
Discussions about applied Cost Benefit Analysis are incomplete without the thorny issue of discounting emerging at some point. Indeed, since the calculation of Net Present Values (NPV), and hence the efficiency of a project or policy, hinges so crucially upon the level of the discount rate...
Persistent link: https://www.econbiz.de/10010583855