文章基本信息

标题：How do households value the future? Evidence from property taxes
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作者：Hans R. A. Koster ; Edward Pinchbeck
期刊名称：CEP Discussion Paper
出版年度：2018
卷号：2018
语种：English
出版社：Centre for Economic Performance
摘要：Despite the near ubiquity of inter-temporal choice, there is little consensus on the rate at which individuals trade present and future costs and benefits. We contribute to this debate by estimating discount rates from extensive data on housing transactions and spatio-temporal variation in property taxes in England. Our findings imply long-term average discount rates that are between 3 and 4%. The close correspondence to prevailing market interest rates gives little reason to suggest that households misoptimise by materially undervaluing very long term financial flows in this high stakes context.
关键词：housing;property taxes;discount rate;capitalisation rate;undervaluation