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- Since 2010, participants of the survey were asked the same question annually to elicit their discount rates: “Instead of receiving 10 thousand yen one month later, at least how much would you like to receive 13 months later? Please choose one option from the following options 1–8â€Â:2 Option Amount Annual interest 1 9,500 yen-5% 2 10,000 yen 0% 3 10,200 yen 2% 4 10,400 yen 4% 5 10,600 yen 6% 6 11,000 yen 10% 7 12,000 yen 20% 8 14,000 yen 40% From the answers to this question, we calculate an internal rate of return r that is used in equation (1). 1https://www.pdrc.keio.ac.jp/en/paneldata/datasets/jhpskhps/ 2Using the yearly average currency exchange rate of 2018, 10 thousand yen amount to 90.56 U.S. dollars. Discount Rate 2 3 4 5 6 7 8 9 Years of Responses (A) Years of Responses and Discount Rates Test Score 2 3 4 5 6 7 8 9 Years of Responses (B) Years of Responses and Test Scores
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