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Applied Economics Letters Volume 10, 2003 - Issue 10
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Original Articles

The effect of a constant or a declining discount rate on optimal investment timing

Gonzalo Edwards Instituto de Economía, Pontificia Universidad Católica de Chile E-mail: [email protected]
Pages 657-659 | Published online: 06 Oct 2010
 
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Abstract

This paper shows that exponential discounting may have an advancing effect on the timing of investment, not captured by sensitivity analysis carried out for the complete range of instantaneous discount rates implicit in declining discounting.

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