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Discounting and divergence of opinion |
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| Authors: | Elyès Jouini Jean-Michel Marin |
| Institution: | a CEREMADE, Université Paris-Dauphine, Place du Maréchal de Lattre de Tassigny, F-75775 Paris cedex 16, France b Université Montpellier 2, I3M, Case Courrier 51, place Eugène Bataillon, 34095 Montpellier cedex 5, France c CNRS, UMR 7088, F-75016 Paris, France d Université Paris-Dauphine, DRM, Place du Maréchal de Lattre de Tassigny, F-75775 Paris cedex 16, France |
| Abstract: | Agents impatience rate and their anticipations about the future of the economy, are two essential determinants of the equilibrium discount rate, as illustrated by the Ramsey formula. Heterogeneity in time preference rates and in anticipations is widely acknowledged. Our objective is to determine the equilibrium discount rate when this heterogeneity is taken into account. Among others we tackle the following questions: As an additional risk or uncertainty, can dispersion in agents' characteristics lead to lower discount rates? What is the asymptotic behavior of the discount rate in such a setting? More generally, what is the shape of the yield curve? |
| Keywords: | D61 E45 G12 |
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