Gamma discounting

被引:499
作者
Weitzman, ML [1 ]
机构
[1] Harvard Univ, Dept Econ, Cambridge, MA 02138 USA
关键词
D O I
10.1257/aer.91.1.260
中图分类号
F [经济];
学科分类号
02 ;
摘要
By incorporating the probability distribution directly into the analysis, this paper proposes a new theoretical approach to resolving the perennial dilemma of being uncertain about what discount rate to use in cost-benefit analysis. A numerical example is constructed from the results of a survey based on the opinions of 2,160 economists. The main finding is that even if every individual believes in a constant discount rate, the wide spread of opinion on what it should be makes the effective social discount rate decline significantly over time. Implications and ramifications of this proposed "gamma-discounting" approach are discussed.
引用
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页码:260 / 271
页数:12
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