Discounting and uncertainty: a non-economist’s view

  title={Discounting and uncertainty: a non-economist’s view},
  author={Steven Crichton Sherwood},
When asked to choose between immediate and delayed rewards o r co ts, both human and (other) animal respondents will equate a smal l reward sooner with a larger one later. This is the well-known phenomenon of individual “discounting.” The capital interest rates that prevail in m arket economies are a related phenomenon. Most economists agree that “social” discounting should be a pplied to compare costs and benefits that accrue to society at different ti mes due to, for example, actions to… CONTINUE READING

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