Discounting, Uncertainty, and Revealed Time Preference

摘要: Recent studies suggest that direct preferences regarding investment gains and losses may significantly affect people's behavior in financial markets. The present paper shows this hypothesis has striking implications for the choice of discount rates cost-benefit analysis. explores a model which future benefits provided by generic public good —environmental quality —should be discounted at rate is close to market return risk-free assets. This holds true even when risk characteristics equivalent those risky forms wealth such as corporate stocks.