The net discount rate literature applied to computing the present value of future earnings has focused on examining the historical relationship between earnings growth and bond yields with a recent emphasis on the post-1980 period. However, estimates of the net discount rate from either the pre- or post-1980 regime do not account for age earnings profiles, education level, or gender. Potentially, this can lead to substantial errors in present value estimates of future earnings. Once age earnings profiles, education level, and gender are accounted for in net discount rates, it is observed that as education increases or age decreases, net discount rates decrease. In addition, all other things being equal, net discount rates are generally smaller for women than for men due to economic forces which are shifting women's age earnings profiles up relative to men's.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=224291
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