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| Author: | Weitzman, M. L. |
| Title: | On the welfare significance of national product under interest-rate uncertainty |
| Journal: | European Economic Review
1998 : SEP, VOL. 42:8, p. 1581-1594 |
| Index terms: | ENVIRONMENTAL ACCOUNTING SUSTAINABLE DEVELOPMENT GROSS NATIONAL PRODUCT WELFARE INTEREST RATES |
| Language: | eng |
| Abstract: | The paper examines the effects of uncertainty on the relationship btw. comprehensive NNP and sustainable-equivalent consumption. It is shown that the classical identity continues to hold when the discount factor is a stochastic diffusion process taking the form of geometric Brownian motion with drift. Such a result might be useful as a point of departure in classifying the effects that various forms of uncertainty have on the welfare significance of national product. |
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