Very Long-Run Discount Rates *

Alvarez, 2005, “Using Asset Prices to Measure the Persistence of the Marginal Utility of Wealth,”, Econometrica, 73, 1977, 10.1111/j.1468-0262.2005.00643.x

Ambrose, 2013, “House Prices and Fundamentals: 355 Years of Evidence,”, Journal of Money, Credit and Banking, 45, 477, 10.1111/jmcb.12011

Andries, 2014, “Asset Pricing with Horizon-dependent Risk Aversion,”, Federal Reserve Bank of New York Staff Reports, 703

Arrow, 1996, “Intertemporal Equity, Discounting, and Economic Efficiency,”, Climate Change 1995: Economic and Social Dimensions of Climate Change

Auerbach, 1994, “Generational Accounting: A Meaningful Way to Evaluate Fiscal Policy,”, Journal of Economic Perspectives, 8, 73, 10.1257/jep.8.1.73

Badarinza, “Long-Run Discounting: Evidence from the UK Leasehold Valuation Tribunal,”, 10.2139/ssrn.2412296

Bansal, 2004, “Risks for the Long Run: A Potential Resolution of Asset Pricing Puzzles,”, Journal of Finance, 59, 1481, 10.1111/j.1540-6261.2004.00670.x

Barro, 2006, “Rare Disasters and Asset Markets in the Twentieth Century,”, Quarterly Journal of Economics, 121, 823, 10.1162/qjec.121.3.823

Barro, “Environmental Protection, Rare Disasters, and Discount Rates,”, 10.3386/w19258

Barro, 2008, “Macroeconomic Crises since 1870,”, Brookings Papers on Economic Activity, 39, 255, 10.1353/eca.0.0000

Belo, 2015, “Dividend Dynamics and Term Structure of Dividend Strips,”, Journal of Finance, 10.1111/jofi.12242

Binsbergen, 2012, “On the Timing and Pricing of Dividends,”, American Economic Review, 102, 1596, 10.1257/aer.102.4.1596

Binsbergen, 2013, “Equity Yields,”, Journal of Financial Economics, 110, 503, 10.1016/j.jfineco.2013.08.017

Bracke, “The Time Value of Housing: Historical Evidence from London Residential Leases,”

Burn, 2011, Cheshire and Burn’s Modern Law of Real Property

Campbell, 1999, “By Force of Habit: A Consumption Based Explanation of Aggregate Stock Market Behavior,”, Journal of Political Economy, 107, 205, 10.1086/250059

Campbell, 2009, “What Moves Housing Markets: A Variance Decomposition of the Rent–Price Ratio,”, Journal of Urban Economics, 66, 90, 10.1016/j.jue.2009.06.002

Capozza, 1991, “Valuing Long-term Leases: The Option to Redevelop,”, Journal of Real Estate Finance and Economics, 4, 209, 10.1007/BF00173125

Claessens, 2009, “What Happens During Recessions, Crunches and Busts?,”, Economic Policy, 24, 653, 10.1111/j.1468-0327.2009.00231.x

Council of Mortgage Lenders, 2013, “What Minimum Unexpired Lease Term Does the Lender Accept?,”, CML Lender’s Handbook

Dickens, “Interindustry Wage Differences and Industry Characteristics,”, 10.3386/w2014

Eichholtz, 1997, “A Long Run House Price Index: The Herengracht Index, 1628–1973,”, Real Estate Economics, 25, 175, 10.1111/1540-6229.00711

Eitrheim, 2005, “House Prices in Norway, 1819–1989,”, Scandinavian Economic History Review, 53, 7, 10.1080/03585522.2005.10414257

Farmer, “Discounting the Distant Future,”, 10.2139/ssrn.2465953

Favilukis, “The Macroeconomic Effects of Housing Wealth, Housing Finance, and Limited Risk-Sharing in General Equilibrium,”, 10.3386/w15988

Flavin, 2002, “Owner-Occupied Housing and the Composition of the Household Portfolio,”, American Economic Review, 92, 345, 10.1257/000282802760015775

Gabaix, 2012, “Variable Rare Disasters: An Exactly Solved Framework for Ten Puzzles in Macro-finance,”, Quarterly Journal of Economics, 127, 645, 10.1093/qje/qjs001

Gabaix, 2015, “Disasters and Term Structure of Risky Assets,”, NYU Working Paper

Gautier, “The Estimation of Present Bias and Time Preferences Using Land-lease Contracts,”

Genesove, 2012, “Search and Matching in the Housing Market,”, Journal of Urban Economics, 72, 31, 10.1016/j.jue.2012.01.002

Giglio, “No-Bubble Condition: Model-Free Tests in Housing Markets,”, 10.3386/w20154

Gollier, “An Evaluation of Stern’s Report on the Economics of Climate Change,”

Gollier, “Evaluation of Long-Dated Investments under Uncertain Growth Trend, Volatility and Catastrophes,”, 10.2139/ssrn.2202094

Gordon, 1982, The Investment, Financing, and Valuation of the Corporation

Gyourko, 2013, “Superstar Cities,”, American Economic Journal: Economic Policy, 5, 167

Hall, “High Discounts and High Unemployment,”, 10.3386/w19871

Iwata, 2009, “Land Tenure Security and Home Maintenance: Evidence from Japan,”, Land Economics, 85, 429, 10.3368/le.85.3.429

Koopmans, 1965, “On the Concept of Optimal Economic Growth,”, Pontificae Academiae Scientiarum Scripta Varia, 28, 225

Lustig, 2005, “Housing Collateral, Consumption Insurance, and Risk Premia: An Empirical Perspective,”, Journal of Finance, 60, 1167, 10.1111/j.1540-6261.2005.00759.x

Nakamura, 2013, “Crises and Recoveries in an Empirical Model of Consumption Disasters,”, American Economic Journal: Macroeconomics, 5, 35

Nathanson, “Arrested Development: A Theory of Supply-Side Speculation in the Housing Market,”, 10.3386/w23030

Nordhaus, “A Review of the Stern Review on the Economics of Climate Change,”, Journal of Economic Literature, 45, 686, 10.1257/jel.45.3.686

Nordhaus, 2013, The Climate Casino: Risk, Uncertainty, and Economics for a Warming World, 10.2307/j.ctt5vkrpp

Petersen, 2009, “Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches,”, Review of Financial Studies, 22, 435, 10.1093/rfs/hhn053

Piazzesi, “Segmented Housing Search,”, 10.3386/w20823

Piazzesi, 2007, “Housing, Consumption and Asset Pricing,”, Journal of Financial Economics, 83, 531, 10.1016/j.jfineco.2006.01.006

Pindyck, 2013, “Climate Change Policy: What Do the Models Tell Us?,”, Journal of Economic Literature, 51, 860, 10.1257/jel.51.3.860

Reinhart, 2009, “The Aftermath of Financial Crises,”, American Economic Review, 99, 466, 10.1257/aer.99.2.466

Rosen, 1974, “Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition,”, Journal of Political Economy, 82, 34, 10.1086/260169

Shiller, 2006, “Long-Term Perspectives on the Current Boom in Home Prices,”, Economists’ Voice, 3, 1

Stern, 2007, The Economics of Climate Change: The Stern Review, 10.1017/CBO9780511817434

Tirole, 1982, “On the Possibility of Speculation under Rational Expectations,”, Econometrica, 50, 1163, 10.2307/1911868

Tyvimaa, 2014, “The Effect of Ground Leases on House Prices in Helsinki,”, Journal of Housing and the Built Environment, 1

Weitzman, 1998, “Why the Far-Distant Future Should Be Discounted at Its Lowest Possible Rate,”, Journal of Environmental Economics and Management, 36, 201, 10.1006/jeem.1998.1052

Weitzman, 2001, “Gamma Discounting,”, American Economic Review, 91, 260, 10.1257/aer.91.1.260

Weitzman, 2007, “A Review of the Stern Review on the Economics of Climate Change,”, Journal of Economic Literature, 45, 703, 10.1257/jel.45.3.703

Weitzman, 2013, “Tail-Hedge Discounting and the Social Cost of Carbon,”, Journal of Economic Literature, 51, 873, 10.1257/jel.51.3.873

Westminster City Council, 2013, “Homing in on the Issues: Perspectives on the Housing Crisis,”

Wong, 2008, “Intergenerational Discounting: A Case from Hong Kong,”, Habitat International, 32, 283, 10.1016/j.habitatint.2007.08.015