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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...
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...
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...
Two Curves, One Price: Pricing & Hedging Interest Rate Derivatives Decoupling Forwarding and Discounting Yield Curves
liquidity crisis counterparty risk yield curve forward curve discount curve
2010/11/1
We revisit the problem of pricing and hedging plain vanilla single-currency in-terest rate derivatives using multiple distinct yield curves for market coherent esti-mation of discount factors and forw...
Security Pricing with Information-Sensitive Discounting
Security Pricing Information-Sensitive Discounting
2010/10/18
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 re...