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How much do the experts wish to discount the future by?

Summary:
…we find that expert opinion is particularly varied on the rate of time preference.  The modal value is zero, in line with many prominent opinions.  But with a median (mean) of 0.5 percent (1.1 percent)… And: …while we find that experts recommend placing greater weight on normative than positive issues when determining the SDR, most believe that the SDR should be informed by both. That is from the latest issue of American Economic Journal: Economic Policy, “Discounting Disentangled” by Drupp, Freeman, Groom, and Nesje.  You will of course find a lengthy discussion of these issues in my own Stubborn Attachments: A Vision for a Society of Free, Prosperous, and Responsible Individuals.   The post How much do the experts wish to discount the future by? appeared first on Marginal

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…we find that expert opinion is particularly varied on the rate of time preference.  The modal value is zero, in line with many prominent opinions.  But with a median (mean) of 0.5 percent (1.1 percent)…

And:

…while we find that experts recommend placing greater weight on normative than positive issues when determining the SDR, most believe that the SDR should be informed by both.

That is from the latest issue of American Economic Journal: Economic Policy, “Discounting Disentangled” by Drupp, Freeman, Groom, and Nesje.  You will of course find a lengthy discussion of these issues in my own Stubborn Attachments: A Vision for a Society of Free, Prosperous, and Responsible Individuals.

 

The post How much do the experts wish to discount the future by? appeared first on Marginal REVOLUTION.

Tyler Cowen
Tyler Cowen is an American economist, academic, and writer. He occupies the Holbert C. Harris Chair of economics as a professor at George Mason University and is co-author, with Alex Tabarrok, of the popular economics blog Marginal Revolution. Cowen and Tabarrok have also ventured into online education by starting Marginal Revolution University. He currently writes the "Economic Scene" column for the New York Times, and he also writes for such publications as The New Republic, the Wall Street Journal, Forbes, Newsweek, and the Wilson Quarterly.

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