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Yet, though their behavior indicates a denial of imminent death studies have demonstrated that people intuitively and unconsciously apply cost-benefit analyses to decisions with long-term outcomes. Moreover, contrary to current economic thinking, they use decreasing utility rates of discount for the longer periods in their calculations.
Traditional cost-benefit analysis falters because it implicitly assumes that we possess perfect knowledge regarding the world 200 years hence and, insanely, that we will survive to enjoy ad infinitum the interest on capital we invest today.
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