The Sign of Risk for Present Value of Future Losses

In the ongoing debate over discount rates and climate change, William Nordhaus has championed a higher discount rate to account for risk. Nicholas Stern has championed a lower rate. Here we prove that in the case of a stream of future losses, risk can only be represented by a lower discount rate, ne...

Ausführliche Beschreibung

Bibliographische Detailangaben

Hauptverfasser:	Hanley, Brian P, Keen, Steve
Format:	Artikel
Sprache:	eng
Schlagworte:	Quantitative Finance - General Finance
Online-Zugang:	Volltext bestellen
Tags:	Tag hinzufügen Keine Tags, Fügen Sie den ersten Tag hinzu!