Climate Change and Long-Run Discount Rates: Evidence from Real Estate
研究发现房地产市场能提供气候变化减排投资贴现率的信息，房地产贴现率期限结构向下倾斜，百年后收益贴现率约2.6%，为气候对冲投资的贴现率上限提供参考。
Abstract We show that housing markets provide information about the appropriate discount rates for valuing investments in climate change abatement. Real estate is exposed to both consumption and climate risk and its term structure of discount rates is downward sloping, reaching 2.6% for payoffs beyond 100 years. We use a tractable asset pricing model that incorporates features of climate change to show that the term structure of discount rates for climate-hedging investments is thus upward sloping but bounded above by the risk-free rate. At horizons at which risk-free rates are unavailable, the estimated housing discount rates provide an upper bound.