论文标题
未来损失的现值的风险迹象
The Sign of Risk for Present Value of Future Losses
论文作者
论文摘要
在关于折现率和气候变化的持续辩论中，威廉·诺德豪斯（William Nordhaus）倡导更高的折现率来应对风险。尼古拉斯·斯特恩（Nicholas Stern）倡导较低的速度。在这里，我们证明，在未来损失的情况下，风险只能由较低的折现率表示，从来没有较高。
In the ongoing debate over discount rates and climate change, William Nordhaus has championed a higher discount rate to account for risk. Nicholas Stern has championed a lower rate. Here we prove that in the case of a stream of future losses, risk can only be represented by a lower discount rate, never a higher one.
