Discount Rates and the Distribution of Lifetime Earnings
基于人力资本理论，发现存在一个约10%的折现率能使终身收入差异最小化，并实证支持了折现率高于或低于该值时收入排名呈负相关的推论。
The logic of human capital theory implies that present values of lifetime earnings are computed using discount rate applied by individuals when making their labor market choices. Further, inequalities will appear when higher or lower discount rates are applied. Our empirical tests confirm that there is a discount rate (of around 10 percent) which minimizes differences in lifetime earnings. A further inference-that there is a negative correlation between two rankings of lifetime earnings when these rankings are computed using discount rates which are, respectively, lower and higher than the rate-is also supported empirically.