Experience Stern | Faculty & Research

Excerpt from The Economist -- "Financial assets indicate how society values time. However, not many assets exist for very long but finite time periods... This is a problem when thinking of things far into the future—such as the long-term economic impacts of climate change... New research by Stefano Giglio, Matteo Maggiori and Johannes Stroebel of Chicago, Harvard and New York Universities tries to get around this problem. They exploit a quirk in the British and Singaporean real-estate markets... With this, the three economists can estimate the discount rate used to value very long-term assets."

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