What is the estimated component of pure time preferences used by Nordhaus to calculate the discount rate to be used in evaluating climate change impacts?
Question
Solution 1
1.5%
Step 1: Understanding Pure Time Preferences Pure time preference is a concept in economics that refers to the preference of individuals to have a good or service now rather than in the future, all else being equal. It is one component used to calculate the discount rate in economic models.
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