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Gabaix, Xavier - 2017

and combining those signals with priors to form posteriors. These posterior expectations exhibit as-if discounting: agents … forecasting (e.g., those with more intelligence) exhibit less discounting. Agents with more domain-relevant experience exhibit … less discounting. Older agents exhibit less discounting (except those with cognitive decline). Agents who are encouraged to …

Persistent link: https://www.econbiz.de/10012455427

The Discount Rate for Public Policy over the Distant Future

Li, Qingran - 2018

The choice of discount rate has a significant impact on net benefit estimates when costs today have benefits over long time horizons. Standard U.S. government practice for cost-benefit analysis is to bound such analysis using two alternative rates. These rates are meant to represent the rate of...

Persistent link: https://www.econbiz.de/10012481060

The Discounted Euler Equation : A Note

McKay, Alisdair - 2016

We present a simple model with income risk and borrowing constraints which yields a "discounted Euler equation." This feature of the model mutes the extent to which news about far future real interest rates (i.e., forward guidance) affects current outcomes. We show that this simple model...

Persistent link: https://www.econbiz.de/10012456545

Excess Volatility : Beyond Discount Rates

Giglio, Stefano - 2016

We document a form of excess volatility that is irreconcilable with standard models of prices, even after accounting for variation in discount rates. We compare prices of claims on the same cash flow stream but with different maturities. Standard models impose precise internal consistency...

Persistent link: https://www.econbiz.de/10012456629

The Choice of Discount Rate for Climate Change Policy Evaluation

Goulder, Lawrence H. - 2012

Distinguishing the two rates helps resolve arguments as to whether the choice of discount rate should be based on ethical considerations or empirical information (such as market interest rates), and about whether the discount rate should serve a prescriptive or descriptive role. Separating out...

Persistent link: https://www.econbiz.de/10012460360

Discount Rates

Cochrane, John H. - 2011

, including portfolio theory, accounting, cost of capital, capital structure, compensation, and macroeconomics …

Persistent link: https://www.econbiz.de/10012461685

Remedies for Price Overcharges : The Deadweight Loss of Coupons and Discounts

Polinsky, A. Mitchell - 2003

This article evaluates two different remedies for consumers who have been injured by a price overcharge on the sale of a good. Under a coupon remedy, injured consumers are awarded coupons that can be used for a limited period of time to purchase the good at a price below that which prevails...

Persistent link: https://www.econbiz.de/10012468532

Very Long-Run Discount Rates

Giglio, Stefano - 2014

We provide direct estimates of how agents trade off immediate costs and uncertain future benefits that occur in the very long run, 100 or more years away. We exploit a unique feature of housing markets in the U.K. and Singapore, where residential property ownership takes the form of either...

Persistent link: https://www.econbiz.de/10012458531

Prices and Coupons for Breakfast Cereals

Nevo, Aviv - 1999

This paper explores the relationship between shelf prices and manufacturers' coupons for 25 ready-to-eat breakfast cereals. Contrary to the predictions of static monopoly price discrimination, we find the shelf prices for a particular brand in a particular city are generally lower during periods...

Persistent link: https://www.econbiz.de/10012471875

Empirical Evidence on Conditional Pricing Practices

Genchev, Bogdan - 2016

rebate, marketing support, or simply the willingness to supply inventory. The use of conditional pricing practices is …

Persistent link: https://www.econbiz.de/10012456362

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