Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/244517 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
Working Paper No. 2/2016
Verlag: 
Örebro University School of Business, Örebro
Zusammenfassung: 
Tail-hedge discounting is based on decomposition of returns from long-term investments in a fraction (gamma) that is correlated with consumption and another that is not. The first part is discounted at a discount rate that includes a risk premium, the other with the risk-free rate. We estimate gamma for forestry on Swedish data for stumpage prices and GDP per capita 1909- 2012. We demonstrate in three forestry cases that the result considerably changes the expected present value of long-term forestry investments.
Schlagwörter: 
discounting
far distant future
declining discount rates
forestry
forest economics
cost-benefit analysis
JEL: 
D61
D63
D81
D92
Q23
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
354.33 kB





Publikationen in EconStor sind urheberrechtlich geschützt.