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, effectively defeating the tyranny of discounting. A back-of-the-envelope calibration suggests that this last result is realistic …
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offender's time discounting. We exploit quasi-experimental variation in sentence length generated by a large collective pardon … in Italy and provide non-parametric evidence on the extent of discounting from the raw data on recidivism and sentence …
Persistent link: https://www.econbiz.de/10011453421
Under conditions of risk it makes a difference whether the discount rate is determined as an expected present or as an expected future value. This difference which is dubbed as the Weitzman-Gollier puzzle has stimulated an intensive discussion which, however, is somewhat confusing. In this paper...
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discounting-invariant condition of absence of arbitrage, the original prices discounted by the value process of any simple …
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having solved the Weitzman-Gollier puzzle, concluding from a risk-averse utility maximizing model that Weitzman discounting … discounting is wrong; there is no puzzle if the correct method is used. Risk-neutral discount rates are growing, rather than …
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