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Discounting and Divergence of Opinion

dc.contributor.authorNapp, Clotilde
HAL ID: 741006
ORCID: 0000-0002-7008-5949
dc.contributor.authorMarin, Jean-Michel
HAL ID: 9121
ORCID: 0000-0001-7451-9719
dc.contributor.authorJouini, Elyès
HAL ID: 6654
dc.date.accessioned2009-10-26T15:00:26Z
dc.date.available2009-10-26T15:00:26Z
dc.date.issued2010
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/2326
dc.descriptionEgalement paru dans la série des Cahiers de la Chaire "Les Particuliers face au Risques, n° 2008/3 - "http://www.ifd.dauphine.fr/fr/site/ifd/les-chaires-d-entreprise/les-particuliers-face-aux-risques/les-cahiers-de-la-chaire.html
dc.language.isoenen
dc.subjectHeterogeneous Anticipationsen
dc.subjectEquilibrium modelsen
dc.subjectBeliefsen
dc.subjectRisk free rate
dc.subjectDiscount rate
dc.subject.ddc338.5en
dc.subject.classificationjelD5en
dc.subject.classificationjelD01en
dc.subject.classificationjelH43en
dc.titleDiscounting and Divergence of Opinionen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenThe objective of this paper is to adopt a general equilibrium model and determine the socially efficient discount factor and discount rate when there are heterogeneous anticipations about the future of the economy as well as heterogeneous time preference rates. Among others we tackle the following questions. Is the socially efficient discount factor an arithmetic average of the individual subjectively anticipated discount factors as in the certainty equivalent approach of Weitzman (1998, 2001) ? As a sort of additional risk or uncertainty, can beliefs dispersion lead to lower discount rates ? Is it socially efficient, when diversity of opinion is taken into account, to reduce the discount rate per year for more distant horizons ? More generally, what is then the shape of the yield curve ?en
dc.relation.isversionofjnlnameJournal of Economic Theory
dc.relation.isversionofjnlvol145
dc.relation.isversionofjnlissue2
dc.relation.isversionofjnldate2010-03
dc.relation.isversionofjnlpages830-859
dc.relation.isversionofdoihttp://dx.doi.org/10.1016/j.jet.2010.01.002
dc.identifier.urlsitehttp://halshs.archives-ouvertes.fr/halshs-00176636/fr/
dc.description.sponsorshipprivateouien
dc.relation.isversionofjnlpublisherElsevier
dc.subject.ddclabelMicroéconomieen


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