{"title":"我们目前对星际经济的理解","authors":"Gabriel Übleis","doi":"10.2139/ssrn.3623450","DOIUrl":null,"url":null,"abstract":"This essay provides a gentle introduction to the concept of time dilation and its effect on riskless fixed income returns. A no-arbitrage argument is derived which demonstrates that investors are only indifferent between investment on earth and some other place in the universe, if companies offer returns that are contingent on the location of the individual investors. Since this has a direct impact on capital cost, time dilation could be seen as a form of factor endowment.","PeriodicalId":209192,"journal":{"name":"ERN: Asset Pricing Models (Topic)","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2020-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Our Current Understanding of the Interstellar Economy\",\"authors\":\"Gabriel Übleis\",\"doi\":\"10.2139/ssrn.3623450\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This essay provides a gentle introduction to the concept of time dilation and its effect on riskless fixed income returns. A no-arbitrage argument is derived which demonstrates that investors are only indifferent between investment on earth and some other place in the universe, if companies offer returns that are contingent on the location of the individual investors. Since this has a direct impact on capital cost, time dilation could be seen as a form of factor endowment.\",\"PeriodicalId\":209192,\"journal\":{\"name\":\"ERN: Asset Pricing Models (Topic)\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2020-06-09\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"ERN: Asset Pricing Models (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3623450\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Asset Pricing Models (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3623450","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Our Current Understanding of the Interstellar Economy
This essay provides a gentle introduction to the concept of time dilation and its effect on riskless fixed income returns. A no-arbitrage argument is derived which demonstrates that investors are only indifferent between investment on earth and some other place in the universe, if companies offer returns that are contingent on the location of the individual investors. Since this has a direct impact on capital cost, time dilation could be seen as a form of factor endowment.
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