| 单词 | discounting the future |
| 释义 | discounting the future Placing a lower value on future receipts than on the present receipt of an equal sum. This may be because of the risk that a payment may not in fact be made, or that the person entitled to receive such a payment may not be alive to enjoy it. It may also be due to an expectation that the wealth of the recipient will have increased by the time the payment is due, thus lowering the marginal utility derived from any given sum. Finally, it may be merely because the payment occurs in the future: this is referred to as pure time preference. There is no obvious way in which the effects of these three reasons for discounting the future can be distinguished. |
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