Koundouri, Phoebe; Pantelidis, Theologos; Groom, Ben; … - In: Journal of Applied Econometrics 22 (2007) 3, pp. 641-656
Recent work in evaluating investments with long-term consequences has turned towards establishing a schedule of Declining Discount Rates (DDRs). Using US data we show that the employment of models that account for changes in the interest rate generating mechanism has important implications for...