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dc.contributor.authorGollier, Christianen
dc.date.accessioned2010-12-15-
dc.date.accessioned2011-06-29T11:17:35Z-
dc.date.available2011-06-29T11:17:35Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/46364-
dc.description.abstractThe aim of this paper is to examine the impact of inequalities and economic convergence on the efficient discount rate, in the absence of any risk-sharing scheme. We consider an economy in which the initial consumption level and the distribution of consumption growth are heterogeneous. The benchmark case is when inequalities are permanent and relative risk aversion is constant. The discount rate is not affected by inequalities in that case. We first relax the assumption on risk aversion, and we derive conditions under which permanent inequalities reduce the discount rate. If relative prudence is larger than unity, an increase in economic convergence always raises the efficient discount rate. In a realistic calibration exercise, we show that the effect of economic convergence is to triple the discount rate, from less 2% to more than 6%.en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x3262en
dc.subject.jelG00en
dc.subject.ddc330en
dc.subject.keywordprudenceen
dc.subject.keywordtemperanceen
dc.subject.keywordconcordanceen
dc.subject.keyworddiscount rateen
dc.subject.stwSoziale Diskontrateen
dc.subject.stwSoziale Ungleichheiten
dc.subject.stwEntwicklungskonvergenzen
dc.subject.stwRisikoaversionen
dc.subject.stwTheorieen
dc.titleDiscounting, inequalities and economic convergence-
dc.typeWorking Paperen
dc.identifier.ppn641725418en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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