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What is Valuing Long-Dated Assets: Extreme Outcomes about?

The paper by Ian Martin discusses how the valuation of long-dated assets is influenced by the potential for extreme negative outcomes, regardless of the existence of disasters. It builds on previous work by Weitzman and critiques assumptions made in disaster models, emphasizing that asset pricing is driven by rare but impactful events. Martin uses mathematical models to illustrate that while the expected value of certain assets may be one, their actual value can be attributed to infrequent significant posit

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dhoang6679

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EN