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dc.contributor.authorFreeman, Mark C.en
dc.date.accessioned2010-04-28-
dc.date.accessioned2010-04-30T12:18:04Z-
dc.date.available2010-04-30T12:18:04Z-
dc.date.issued2010-
dc.identifier.citation|aEconomics: The Open-Access, Open-Assessment E-Journal|c1864-6042|v4|h2010-13|nKiel Institute for the World Economy (IfW)|lKiel|y2010|p1-21en
dc.identifier.pidoi:10.5018/economics-ejournal.ja.2010-13en
dc.identifier.urihttp://hdl.handle.net/10419/30330-
dc.description.abstractIn this paper the author proves that the Expected Net Future Value (ENFV) criterion can lead a risk neutral social planner to reject projects that increase expected utility. By contrast, the Expected Net Present Value (ENPV) rule correctly identifies the economic value of the project. While the ENFV increases with uncertainty over future interest rates, the expected utility decreases because of the planner's desire to smooth consumption across time. This paper therefore shows that Weitzman (1998) is 'right' and that, within his economy, the far-distant future should be discounted at its lowest possible rate.en
dc.language.isoengen
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen
dc.subject.jelD61en
dc.subject.jelE43en
dc.subject.jelG12en
dc.subject.jelG31en
dc.subject.jelQ51en
dc.subject.ddc330en
dc.subject.keywordDiscount ratesen
dc.subject.keywordterm structureen
dc.subject.keywordcapital budgetingen
dc.subject.keywordinterest rate uncertaintyen
dc.subject.keywordenvironmental planningen
dc.titleYes, we should discount the far-distant future at its lowest possible rate: A resolution of the Weitzman-Gollier puzzle-
dc.typeArticleen
dc.identifier.ppn624790592en
dc.rights.licensehttp://creativecommons.org/licenses/by-nc/2.0/de/deed.enen
dc.identifier.repecRePEc:zbw:ifweej:201013en
econstor.citation.journaltitleEconomics: The Open-Access, Open-Assessment E-Journalen
econstor.citation.issn1864-6042en
econstor.citation.volume4en
econstor.citation.issue2010-13en
econstor.citation.publisherKiel Institute for the World Economy (IfW)en
econstor.citation.publisherplaceKielen
econstor.citation.year2010en
econstor.citation.startpage1en
econstor.citation.endpage21en

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