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Heterogeneous Patience, Bargaining Power and Investment in Future Public Goods

机译:异质耐心,议价权力和未来公共产品的投资

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摘要

In many environmental contexts, including climate change mitigation, agents face investment opportunities that have shared, but greatly delayed benefits. Efficient levels of aggregate investment therefore require collective action, but they are also highly sensitive to the choice of discount rate. Motivated by empirical evidence that suggests discount rates vary considerably, this paper investigates the impact of heterogeneity in discount rates on sharing of investment costs. An application of the canonical bargaining model shows that the larger share of the costs gradually shifts from impatient to patient agents as the time horizon increases.
机译:在许多环境背景下,包括气候变化缓解,代理人面临共享的投资机会,但大大延迟了福利。因此,高效级别的总投资需要集体行动,但它们对贴现率的选择也非常敏感。通过拟议折扣率随之而来的经验证据,这篇论文调查了异质性对投资成本分享的折扣率的影响。规范讨价还价模型的应用表明,随着时间范围的时间增加,成本的较大份额逐渐从耐急转变对患者药剂。

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