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Duration-dependent discounting? (1981)

Binkley, Clark S.

Canadian Science Publishing

In: Canadian Journal of Forest Research. 1981; 11(2): 454-456. Published 1981 Jun 01. doi: 10.1139/x81-061.

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Publication Date: 1981-06-01

Description: Because economic analysis of forest management decisions depends so critically on the choice of discount rate, the appropriate value of this parameter remains controversial. Recently several economists have suggested, in one form or another, that the discount rate depends on the duration of the investment. However, empirical evidence marshalled to support this position can be explained by a model of asset markets where future returns are uncertain. Consequently, adjusting the discount rate as a function of the duration of the investment may be inappropriate. Alternative analytical techniques are required for comparing timber investments with other assets.

Print ISSN: 0045-5067

Electronic ISSN: 1208-6037

Topics: Agriculture, Forestry, Horticulture, Fishery, Domestic Science, Nutrition

Published by Canadian Science Publishing

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