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Discount Rates
- Journal of Finance
, 2011
"... I argue that characterizing discount rate variation over time and across assets has replaced informational efficiency as the central organizing question of asset pricing research. I survey the facts: in the last 40 years we have learned that discount rates vary dramatically. Most views of the world ..."
Abstract
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Cited by 30 (7 self)
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I argue that characterizing discount rate variation over time and across assets has replaced informational efficiency as the central organizing question of asset pricing research. I survey the facts: in the last 40 years we have learned that discount rates vary dramatically. Most views of the world
Presidential Address: Discount Rates
- Journal of Finance
, 2011
"... Discount-rate variation is the central organizing question of current asset-pricing research. I survey facts, theories, and applications. Previously, we thought returns were unpredictable, with variation in price-dividend ratios due to variation in expected cashflows. Now it seems all price-dividend ..."
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Cited by 79 (2 self)
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Discount-rate variation is the central organizing question of current asset-pricing research. I survey facts, theories, and applications. Previously, we thought returns were unpredictable, with variation in price-dividend ratios due to variation in expected cashflows. Now it seems all price
Discounting the Discount Rate
, 2001
"... During the first eleven months of 2001, the Federal Open Market Committee (FOMC) announced ten reductions in its target for the federal funds rate. Each of the announcements also included a statement about the discount rate. For example, the November 6 announcement that the federal funds rate target ..."
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During the first eleven months of 2001, the Federal Open Market Committee (FOMC) announced ten reductions in its target for the federal funds rate. Each of the announcements also included a statement about the discount rate. For example, the November 6 announcement that the federal funds rate
Against High Discount Rates
- In Perspectives on Climate Change: Science, Economics, Politics, Ethics (W. Sinnott-Armstrong and
, 2005
"... In the economics of climate change, the future benefits of greenhouse gas emissions abatement are commonly discounted at a rate equal to the long-run return on corporate stocks, which averaged 6 % per year during the 20th century. Since a 6 % discount rate implies that one dollar of benefits obtaine ..."
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Cited by 3 (1 self)
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In the economics of climate change, the future benefits of greenhouse gas emissions abatement are commonly discounted at a rate equal to the long-run return on corporate stocks, which averaged 6 % per year during the 20th century. Since a 6 % discount rate implies that one dollar of benefits
Time Horizon and the Discount Rate
- JOURNAL OF ECONOMIC THEORY 107, 463–473
, 2002
"... We consider an economy à la Lucas (1978, Econometrica 46, 1429–1446) with a risk-averse representative agent. The exogenous growth rate of the economy follows a random walk. We characterize the set of utility functions for which it is efficient to discount more distant cash flows at a lower rate. Th ..."
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Cited by 54 (11 self)
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We consider an economy à la Lucas (1978, Econometrica 46, 1429–1446) with a risk-averse representative agent. The exogenous growth rate of the economy follows a random walk. We characterize the set of utility functions for which it is efficient to discount more distant cash flows at a lower rate
The Long-Term Discount Rate
, 2009
"... We develop an expression for the long-term discount rate in an economy in which a representative consumer has access to both a risk-free and a risky production technology. Even when the risk-free sector is very small, and with probability one becomes a negligible fraction of the economy in the long ..."
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We develop an expression for the long-term discount rate in an economy in which a representative consumer has access to both a risk-free and a risky production technology. Even when the risk-free sector is very small, and with probability one becomes a negligible fraction of the economy in the long
Hyperbolic Discounting Is Rational: Valuing the Far Future with Uncertain Discount Rates
- Cowles Foundation Discussion Papers 1719, Cowles Foundation
, 2009
"... with uncertain discount rates ..."
The Consumption Discount Rate for the Distant
"... Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle ..."
Results 1 - 10
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