Rejoinder to Brown's Comment and a Reaction to Schilling's Ëstimating the Present Value...." [2]
回应布朗关于赔偿金再投资收益率低于初始收益率会导致赔偿不足的观点，但指出在当前高利率低工资增长环境下，使用总抵消法或低实际贴现率造成的扭曲更为严重。
I cannot dispute Brown's primary contention: if an award earns interest in excess of that required to cover income losses to date and the excess is reinvested at a lower yield, an award based on the assumption of reinvestment at the initial (higher) yield will be insufficient to cover total losses. However, there are at least three considerations that make Brown's conclusion trivial in comparison to the distortions caused by using 'total offset' or other low real discount rate approaches which ignore the current environment of high interest and low wage growth.