As a minor point, I don’t think that discounting the future really saves you from undefined expectations, as you’re implying. I think that on simple models of future growth—such as are often used in practice—it does, but if you give some credence to wild futures with crazy growth rates, then it’s easy to make the entire thing undefined even through a positive discount rate for pure time preference.
As a minor point, I don’t think that discounting the future really saves you from undefined expectations, as you’re implying. I think that on simple models of future growth—such as are often used in practice—it does, but if you give some credence to wild futures with crazy growth rates, then it’s easy to make the entire thing undefined even through a positive discount rate for pure time preference.