Anthoff, David; Tol, Richard S. J. - 2021
Weitzman's Dismal Theorem has that the expected net present value of a stock problem with a stochastic growth rate with … the Generalized Central Limit Theorem to show that the Dismal Theorem can be tested, in a finite sample, by estimating the …, and to previously published estimates. Two of the three models do not support the Dismal Theorem, but the third one does …