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How to aggregate experts' discount rates: An equilibrium approach

Napp, Clotilde; Jouini, Elyès (2014), How to aggregate experts' discount rates: An equilibrium approach, Economic Modelling, 36, p. 235–243. http://dx.doi.org/10.1016/j.econmod.2013.09.052

Type
Article accepté pour publication ou publié
External document link
http://halshs.archives-ouvertes.fr/halshs-00394035/en/
Date
2014
Journal name
Economic Modelling
Volume
36
Publisher
Elsevier
Pages
235–243
Publication identifier
http://dx.doi.org/10.1016/j.econmod.2013.09.052
Metadata
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Author(s)
Napp, Clotilde cc
Jouini, Elyès
Abstract (EN)
We address the problem of a social planner who, as in Weitzman, (2001), gathers data on experts' discount rates and wants to infer the social consumption discount rate. We propose an equilibrium approach and we analyze the expression and the properties of the resulting equilibrium discount rate. We analyze the impact of shifts in the distribution of experts' discount rates on the shape of the yield curve. Finally, we apply our approach to Weitzman's (2001) data to propose discount rates for public sector cost–benefit analysis, in particular for the long term.
Subjects / Keywords
Divergence of opinion; Gamma discounting; Cost–benefit analysis; Hyperbolic discounting; Experts discount rate; Equilibrium discount rate; Consumption discount rate
JEL
E43 - Interest Rates: Determination, Term Structure, and Effects
D61 - Allocative Efficiency; Cost–Benefit Analysis

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