decrease, known as hyperbolic discounting, is consistent with what is observed in psychology studies, while the limiting case …, exponential discounting, is consistent with market level observations. This model closes the gap between individual and market … level observations of discounting behavior without explicitly assuming the two kinds of discounting nor relying on …

.S. pension scheme, that discounting plays a crucial role, since the formula for the present discounted value of future retirement … at least 25% greater than it is in the case when discounting is neglected. Moreover when accouting for risk aversion …

market risk is needed. This new risk concept should allow for the measurement of the degree of market efficiency, which is …

Differences in asset measurement techniques can have a major impact on reported capital costs. Their influence on total … that different methods of asset measurement could lead to quite large variations in reported capital costs. Considered in … the context of total unit costs, however, the differences created by these asset measurement effects were relatively small …

money by discounting to present value the flow of expected expenditure on the services of monetary assets, where expenditure …