But there are well established appraisal methods to measure the present value of future benefits through capitalized income streams.

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Today, that makes the present value of your future social security benefits a very valuable asset.

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Just as the price of a share should equal the discounted present value of future dividends, so the price of a house should reflect the future benefits of ownership, either as rental income for an investor or the rent saved by an owner-occupier.

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Just as the price of a share should equal the discounted present value of future profits, so the price of a house should reflect the future benefits of ownership either rental income or the implicit rent saved by an owner-occupier.

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More directly, there is a well-established valuation concept that present value of an activity is increased by anticipated future benefits.

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Just as the value of a company's shares should equal the discounted present value of its future profits, so the price of a house should reflect the future benefits of ownership, either as rental income or in the rent saved by an owner-occupier.

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Based on the assumption that all future generations will have to pay the bills that today's generation has left behind, Mr Kotlikoff tries to measure the present value of net future taxes (that is, taxes to be paid minus benefits, such as pensions, to be received) for individuals of different ages over their remaining lifetimes and, collectively, for future generations.

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