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Discounting the distant future: How much does model selection affect the cert...
Recent work in evaluating investments with long-term consequences has turned towards establishing a schedule of Declining Discount Rates (DDRs). Using US data we show that the... -
An Empirical Test of Pricing Kernel Monotonicity (replication data)
A large class of asset pricing models predicts that securities which have high payoffs when market returns are low tend to be more valuable than those with high payoffs when...
