The Journal of Business, Vol. 79, No. 2 (March 2006), pp. 941-961 (21 pages) In this paper, we construct a new variance bound on any stochastic discount factor (SDF) of the form \documentclass{aastex} ...

That is the premise on which temporal discounting, a major tool in economic theory, is based on. If we want to compare present and future payoffs, we must account for the fact that we tend to value ...

This paper deals with the first passage optimality and variance minimisation problems of discrete-time Markov decision processes (MDPs) with varying discount factors and unbounded rewards/costs. First ...

The Internal Revenue Service has published revenue procedures setting forth the discount factors that property and casualty insurance companies can use for accidents and other types of claims this ...