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Over the last twenty years, economists have taken
a strong interest in the evaluation of programs
that save lives. The almost exclusive focus of
their research, however, has been ascertaining
indi...
The evaluation of lifesaving programs whose benefits extend into the future involves two discounting issues.
The intragenerational discounting problem is how to express, in age-; dollars, reductions ...
The Implications of Hyperbolic Discounting for Project Evaluation
Project Evaluation Hyperbolic Discounting
2015/9/18
The neoclassical theory of project evaluation is based on
models in which agents discount the future at a constant
exponential rate. But there is strong empirical evidence say
that people discoun...
Solving the Neoclassical Growth Model with Quasi-Geometric Discounting: A Grid-Based Euler-Equation Method
Discounts neoclassical growth model grid euler equations
2015/7/21
Solving the Neoclassical Growth Model with Quasi-Geometric Discounting: A Grid-Based Euler-Equation Method.
Indeterminacy in a log–linearized neoclassical growth model with quasi-geometric discounting
The neoclassical growth model discounts nonlinear model logarithm linear function
2015/7/21
This paper studies the properties of solutions to a log–linearized version of the neoclassical growth model with quasi-geometric discounting. We show that after the log–linearization, the model has in...
A NOTE ON PAYMENTS IN THE LAB FOR INFINITE HORIZON DYNAMIC GAMES WITH DISCOUNTING
Payment in experiments Experimental economics
2015/7/15
We also establish that a simple payment scheme, paying participants for the last (randomly occurring)
round, robustly implements the predicted outcomes for any infinite horizon dynamic game wit...
Discounting a surgical risk: data, understanding, and gist
Bioethics Case Study Decision Making Ethics Physician-Patient Relationship Risk Assessment Surgery
2014/11/17
Excerpt: A few days after the surgery, Ms. Reid came in for an emergency appointment with Dr. Feng. It was obvious that she was irate,but her voice could barely be heard above the noise of the clinic....
Illustrating a problem in the self-financing condition in two 2010-2011 papers on funding, collateral and discounting
Funding cost cost of funding funding and discounting self-financing strategy trading strategies hedging.
2012/9/14
We illustrate a problem in the self-financing condition used in the papers “Fund-ing beyond discounting: collateral agreements and derivatives pricing” (Risk Magazine,February 2010) and “Partial Diffe...
Abstract: A possibly immortal agent tries to maximise its summed discounted rewards over time, where discounting is used to avoid infinite utilities and encourage the agent to value current rewards mo...
LIFE IS NOW! TIME DISCOUNTING AND CRIME: EVIDENCE FROM THE ITALIAN REGIONS (2002-2007) ♣
Time Preferences Property Crime Violent Crime Italian Regions Panel data.
2014/6/24
This paper tests the relationship between time preferences and crime rates as posited by Davis (1988), whose theoretical analysis suggests that individuals’ attitude towards the future significantly a...
Hyperbolic Discounting and Positive Optimal Inflation
optimal monetary policy inflati on targeting unemployment Phillips curve nominal inertia monetary policy
2012/10/30
The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al (2003) uses a richer model but still finds deflation opt...
The production - inventory problem for ameliorating / deteriorating items with non-linear shortage cost under inflation and time discounting
Inflation Amelioration Deterioration
2010/9/20
In this paper, we discuss the production inventory model with time- varying production, time dependent demand and non-linear shortage cost under inflation and time discounting. Shortages are allowed a...
Risk assessment for uncertain cash flows: Model ambiguity, discounting ambiguity, and the role of bubbles
Risk assessment uncertain cash flows Model ambiguity
2010/10/18
We study the risk assessment of uncertain cash flows in terms of dynamic convex risk measures for processes as introduced in Cheridito, Delbaen, and Kupper (2006). These risk measures take into accou...
Risk assessment for uncertain cash flows: Model ambiguity, discounting ambiguity, and the role of bubbles
uncertain cash flows Model ambiguity discounting ambiguity
2010/4/27
We study the risk assessment of uncertain cash flows in terms of dynamic convex risk measures for processes as introduced in Cheridito, Delbaen, and Kupper (2006). These risk measures take into accoun...
Securities Pricing with Information-Sensitive Discounting
Asset pricing incomplete information stochastic interest rates credi trisk recovery models credit-ination hybrid securities information-sensitive pricing kernels
2010/4/27
In this paper incomplete-information models are developed for the pricing of securities in a stochastic interest rate setting. In particular we consider credit-risky assets that may include random rec...