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dc.contributor.authorGollier, Christianen
dc.date.accessioned2011-08-12-
dc.date.accessioned2011-09-14T13:12:30Z-
dc.date.available2011-09-14T13:12:30Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/49477-
dc.description.abstractUsing the extended Ramsey rule, the socially efficient rate is the difference between a wealth effect and a precautionary effect of economic growth. This second effect is increasing in the degree of uncertainty affecting the future. In the literature, it is usually calibrated by estimating the historical volatility of the growth of GDP in a specific country. In this paper, I show that using cross-section data tends to magnify uncertainty, and to reduce the discount rate. Using a data set covering 190 countries over the period 1969-2010, I justify using a much smaller discount rate around 0.7% per year for time horizons exceeding 40 years.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3536en
dc.subject.jelD90en
dc.subject.jelQ51en
dc.subject.ddc330en
dc.subject.keyworddiscount rateen
dc.subject.keywordprudenceen
dc.subject.keywordclimate changeen
dc.subject.stwGesamtwirtschaftlicher Konsumen
dc.subject.stwSoziale Diskontrateen
dc.subject.stwVorsorgesparenen
dc.subject.stwVermögenseffekten
dc.subject.stwKlimaveränderungen
dc.subject.stwWirtschaftswachstumen
dc.subject.stwSchätzungen
dc.subject.stwWelten
dc.titleOn the underestimation of the precautionary effect in discounting-
dc.typeWorking Paperen
dc.identifier.ppn665789416en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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