@techreport{Buchholz2008Discounting,
abstract = {In this paper, we reconsider the debate on Weitzman's (1998) suggestion to discount the long-run future at the lowest possible rate, referring to Gollier (2004) and Hepburn & Groom (2007). We show that, while Weitzman's use of the present value approach may indeed seem questionable, its outcome, i.e. a discount rate that is declining over time, is nevertheless reasonable, since it can be justified by assuming a plausible degree of risk aversion.},
address = {M\"{u}nchen},
author = {Wolfgang Buchholz and Jan Schumacher},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {D40; E43; Q51; 330; Discount rates; uncertainty; risk aversion; Abzinsung; Intertemporale Allokation; Entscheidung bei Unsicherheit; Risikoaversion; Theorie},
language = {eng},
number = {2357},
publisher = {CESifo},
title = {Discounting the long-distant future: a simple explanation for the Weitzman-Gollier-puzzle},
type = {CESifo working paper},
url = {http://hdl.handle.net/10419/26402},
year = {2008}
}
