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dc.contributor.authorBuchholz, Wolfgangen_US
dc.contributor.authorSchumacher, Janen_US
dc.date.accessioned2008-09-08en_US
dc.date.accessioned2009-07-28T08:31:26Z-
dc.date.available2009-07-28T08:31:26Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/26402-
dc.description.abstractIn 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.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2357en_US
dc.subject.jelD40en_US
dc.subject.jelE43en_US
dc.subject.jelQ51en_US
dc.subject.ddc330en_US
dc.subject.keywordDiscount ratesen_US
dc.subject.keyworduncertaintyen_US
dc.subject.keywordrisk aversionen_US
dc.subject.stwAbzinsungen_US
dc.subject.stwIntertemporale Allokationen_US
dc.subject.stwEntscheidung bei Unsicherheiten_US
dc.subject.stwRisikoaversionen_US
dc.subject.stwTheorieen_US
dc.titleDiscounting the long-distant future: a simple explanation for the Weitzman-Gollier-puzzleen_US
dc.typeWorking Paperen_US
dc.identifier.ppn577091581en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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