The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Present Value of the Past

  • Charles WolfJr.
Reference work entry


One of the seminal ideas in economics is that future events have a present value, which is calculable through a private or social rate of discount. Nevertheless, present valuation is not of much help for solving some problems, and can lead to erroneous results in others. For these problems, it is as important to have a method for evaluating the past as the future.

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  2. Shubik, M. 1975. Games for society, business and war: Towards a theory of gaming. New York: Elsevier.Google Scholar
  3. Wolf Jr., C. 1970. The present value of the past. Journal of Political Economy 78(4): 783–792.CrossRefGoogle Scholar

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© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Charles WolfJr.
    • 1
  1. 1.