Grijalva, Therese; Lusk, Jayson; Shaw, W. - In: Environmental & Resource Economics 59 (2014) 1, pp. 39-63
We use a laboratory experiment to elicit discount rates over a 20-year time horizon using government savings bonds as a payment vehicle. When using a constant (exponential) discount rate function, we find an implied average discount rate of 4.9 %, which is much lower than has been found in...