NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Climate Change and Long-Run Discount Rates: Evidence from Real Estate

Stefano Giglio, Matteo Maggiori, Johannes Stroebel, Andreas Weber

NBER Working Paper No. 21767
Issued in November 2015

---- Acknowledgments ----

We thank Arthur van Benthem, Robert Barro, John Campbell, Thom Covert, Robert Engle, Xavier Gabaix, Kenneth Gillingham, Christian Gollier, Bob Hall, Lars Hansen, Derek Lemoine, Martin Lettau, William Nordhaus, Monika Piazzesi, Nick Stern, Christian Traeger, Martin Weitzman as well as seminar participants at the Energy Policy Institute (EPIC) and the Becker Applied Economics Workshop at the University of Chicago, American Economic Association, World Bank, EUI, NYU, Harvard, and LMU Munich for helpful discussions and comments. We are particularly grateful to Michael Greenstone for his encouragement and guidance in writing this paper. We thankfully acknowledge the generous research support from the Harvard Weatherhead Center for International Affairs, the NYU Stern Center for the Global Economy and Business as well as from the Fama-Miller Center and the Initiative on Global Markets at the University of Chicago Booth School of Business. We thank iProperty and Rightmove for sharing part of their data, and Andreas Schaab for excellent research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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