When a High Discount Rate Encourages Biodiversity
将土地纳入新古典增长模型，引入物种与土地的标准生物地理关系，发现当商品与物种的替代弹性大于1时，高贴现率反而会保留更多土地用于物种保护。
Include land in a neoclassical growth model and introduce a standard biogeographic relation between species recliners (biodiversity) and land. Assume that species provide utility. The optimal constant amount of land preserved for species is obtained from steady‐state conditions. Contrary to conventional wisdom, a high discount rate preserves more land when the elasticity of substitution between goods and species exceeds unity or when this elasticity is less than unity and technology is such that the output effect of a change in the interest rate exceeds the substitution effect.