{"text_format":"1","workbook":"xlsx","n_sheets":9,"sheets":["Cover","Summary Dashboard","Parameters","CAPEX Build","CAPEX","Model 1 - Calibration","Model 1 Alternative Calibration","Model 1 - Inv & GDP Paths","Model 2 - Riskfree and ERP"],"not_rendered":{"charts":39,"images":0,"macros":1,"external_links":1,"defined_names":87,"comments":1,"pivot_tables":0},"unopened":[],"bounds":{"document_bytes":16777216,"sheet_cells":100000,"rows_first":2000,"rows_last":500,"rows_between":2000,"halvings":0,"cell_chars":16384,"cell_head_chars":4096},"cells_cut":0,"cells_raw":0,"read":"whole","date_system":"1900"}

{"sheet":"Cover","index":0,"n_rows":25,"n_cols":4,"rows_kept":25,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"AI Transition Explainer Model"]
[null,null,"Companion to Wachter and Wachter (2026): What Investment Data Implies about the AI Transition"]
[]
["x",null,"Sheet Index"]
[null,null,"Tab Name","Description"]
[null,null,"Cover"]
[null,null,"Dashboard","Summary tables and charts"]
[null,null,"Parameters","All model assumptions and calibrated parameters (named ranges)"]
[null,null,"CAPEX Build","Bottom up CAPEX estimation, 2022-2027"]
[null,null,"Model 1 - Calibration","Boom-size identification, sensitivity, p* calibration"]
[null,null,"Model 1 - Inv & GDP Paths","Four investment/output/GDP scenario"]
[null,null,"Model 2 - Riskfree and ERP","Equilibrium rf and ERP vs. γ"]
[]
["x",null,"Conventions"]
[null,null,"All dollar values in $B unless otherwise noted in column headers."]
[]
["x",null,"Legend"]
[null,null,"Yellow fill with blue text: User-editable inputs"]
[null,null,"Blue text: Hard-coded source data"]
[null,null,"Black text: Formulas"]
[null,null,"Green text: links to another sheet"]
[]
["x",null,"Usage Guide"]
[null,null,"After editing user-input cells, click Alt-F8 and select RunAll to propagate changes through the model."]

{"sheet":"Summary Dashboard","index":1,"n_rows":120,"n_cols":3,"rows_kept":120,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Summary Dashboard"]
[null,null,"Wachter and Wachter (2026): What Investment Data Implies about the AI Transition"]
[]
[]
["x",null,"CAPEX Data"]
[]
[]
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["x",null,"Investment Paths"]
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[]
["x",null,"GDP Growth Paths"]
[]
[]
[]
[]
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[]
[]
[]
[]
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["x",null,"Risk-free and ERP"]

{"sheet":"Parameters","index":2,"n_rows":45,"n_cols":5,"rows_kept":45,"cut":false,"hidden":false,"merged":[[4,2,4,4],[20,2,20,4],[36,2,36,4],[46,2,46,4]]}
[]
[null,null,"Parameters"]
[null,null,"Wachter and Wachter (2026): What Investment Data Implies about the AI Transition"]
[]
["x",null,"Assumed Parameters"]
[]
[null,null,"Named Range","Default","Description"]
[null,null,"alpha",{"$f":"1/3","v":0.33333333333333331},"Capital share (Cobb-Douglas)"]
[null,null,"delta_a",0.25,"AI-capital depreciation rate (4-yr useful life)"]
[null,null,"delta_n",7.0000000000000007E-2,"Non-AI capital depreciation rate (standard BEA)"]
[null,null,"r_a",0.15,"Required real return on AI-sector capital"]
[null,null,"r_n",0.05,"Required real return on non-AI capital"]
[null,null,"p_max",0.5,"Window boom probability (maximum uncertainty)"]
[null,null,"theta_a",3,"Partial-adjustment speed (years to close 1/θ of gap)"]
[null,null,"Ya0_share",3.1E-2,"Pre-boom AI output share of GDP"]
[null,null,"GDP0",25500,"Pre-boom nominal GDP ($B, ~2022)"]
[null,null,"S&P 500 D/P (%)",1.06E-2,"May 2026 trailing yield"]
[null,null,"TIPS yield, 30yr (%)",2.7E-2,"Approx. real risk-free rate"]
[null,null,"Equity premium assumption",0.05,"Historical ERP"]
[]
["x",null,"Calibrated Parameters"]
[]
[null,null,"Named Range","Value","Formula / Description"]
[null,null,"I_pre",{"$f":"CAPEX!D13","v":155},"Pre-boom annual AI capex ($B) — 2022 Total"]
[null,null,"I_bar",{"$f":"'CAPEX Build'!D17","v":2452},"Cumulative 2024–2027 investment ($B)"]
[null,null,"K0",{"$f":"I_pre/delta_a","v":620},"Pre-boom AI capital stock ($B) = I_pre/δ_a"]
[null,null,"exp_xi",{"$f":"'Model 1 - Calibration'!D14","v":2.6884792626728111},"Implied productivity multiplier e^xi"]
[null,null,"xi",{"$f":"'Model 1 - Calibration'!D15","v":0.98897570389316147},"Log boom size xi"]
[null,null,"z0",{"$f":"K0*((r_a+delta_a)/alpha)^(1/(1-alpha))","v":815.01116556768739},"Pre-boom AI productivity level"]
[null,null,"z1",{"$f":"z0*exp_xi","v":2191.1406174755248},"Post-boom AI productivity level"]
[null,null,"Ya0",{"$f":"z0^(1-alpha)*K0^alpha","v":744.00000000000045},"Pre-boom AI output ($B)"]
[null,null,"Yn0",{"$f":"Ya0*(1-Ya0_share)/Ya0_share","v":23256.000000000011},"Non-AI output, fixed ($B)"]
[null,null,"GDP_0",{"$f":"Ya0+Yn0","v":24000.000000000011},"Model-consistent pre-boom GDP ($B)"]
[null,null,"Kn0",{"$f":"(GDP0-I_pre)/delta_n","v":362071.42857142852},"Non-AI capital stock ($B)"]
[null,null,"p_star",{"$f":"'Model 1 - Calibration'!D50","v":3.9325327510917031E-2}]
[]
["x",null,"Disaster & Asset-Pricing Parameters"]
[]
[null,null,"Named Range","Default","Description"]
[null,null,"p_d",3.5999999999999997E-2,"Annual disaster probability (Barro 2006)"]
[null,null,"xi_d",-0.15,"Log disaster size (Wachter 2013)"]
[null,null,"rho",0.02,"Time discount rate"]
[null,null,"mu_c",2.5000000000000001E-2,"Normal-times consumption growth mean"]
[null,null,"sigma_c",0.02,"Normal-times consumption growth volatility"]
[null,null,"beta_ap",{"$f":"EXP(-rho)","v":0.98019867330675525},"Discount factor"]

{"sheet":"CAPEX Build","index":3,"n_rows":136,"n_cols":11,"rows_kept":136,"cut":false,"hidden":false,"merged":[[1,2,1,10],[2,2,2,10],[5,4,5,6],[17,4,17,6],[23,2,23,10],[31,2,31,10],[39,2,39,10],[45,2,45,10],[56,2,56,10],[66,2,66,10],[75,2,75,10],[127,2,127,10],[78,2,78,10],[86,2,86,10],[94,2,94,10]]}
[]
[null,null,"Updated CAPEX"]
[null,null,"Wachter & Wachter (2026) — What Investment Data Implies about the AI Transition"]
[]
["x",null,"Parameters and Toggles"]
[]
[null,null,"Calendarize","No"]
[null,null,"Include Tier 1 neoclouds? (Yes/No)","No"]
[null,null,"Include Tier 2 neoclouds? (Yes/No)","No"]
[null,null,"Tier 2 haircut (decimal)",0.5]
[null,null,"I_bar source","5-firm"]
[]
[null,null,"I_BAR SUMMARY ($B cumulative 2024–2027)"]
[null,null,"I_bar, 5-firms",{"$f":"K85","v":2452}]
[null,null,"I_bar, all-firms as per settings above",{"$f":"K102","v":2452}]
[]
[null,null,"Active I_bar",{"$f":"IF(D11=\"5-firm\",D14,D15)","v":2452}]
[]
[]
[]
["x",null,"Raw Data (FY, as reported)"]
[]
[null,null,"Firm","FY end",2022,2023,2024,2025,"2026f","2027e","Cum. 2024–27"]
[null,null,"Hyperscalers"]
[null,null,"Amazon","Dec 31",64,53,83,132,200,285,{"$f":"SUM(G25:J25)","v":700}]
[null,null,"Alphabet","Dec 31",31,32,53,91,180,255,579]
[null,null,"Microsoft","Jun 30",24,28,44,65,175,250,534]
[null,null,"Meta","Dec 31",31,28,39,72,135,195,441]
[null,null,"Oracle","May 31",5,9,7,21,65,105,198]
[null,null,"Hyperscaler subtotal",null,{"$f":"SUM(E25:E29)","v":155},150,226,381,755,1090,2452]
[]
[null,null,"Tier 1 Neoclouds"]
[null,null,"xAI / SpaceX AI","Dec 31",0,0.5,5.6,12.7,40,60,118.3]
[null,null,"CoreWeave","Dec 31",0,0,10.3,21.5,33,52,116.8]
[null,null,"IREN","Jun 30",0,0,0.5,1.6,6,10,18.100000000000001]
[null,null,"Crusoe","Dec 31",0,0,1,4,12,14,31]
[null,null,"Lambda","Dec 31",0,0,0.3,1,4,7,12.3]
[null,null,"Tier 1 subtotal",null,0,0.5,17.7,40.800000000000004,95,143,296.5]
[]
[null,null,"Tier 2 Neoclouds"]
[null,null,"Applied Digital","May 31",0,0,0.2,1,4,5.5,10.7]
[null,null,"Hut 8","Dec 31",0,0,0.1,0.2,2,4.5,6.8]
[null,null,"Tier 2 gross subtotal",null,{"$f":"SUM(E41:E42)","v":0},0,0.30000000000000004,1.2,6,10,17.5]
[]
["x",null,"Calendarization Helpers (quarterly actuals)"]
[null,null,"Microsoft (FY Jun 30), quarterly actuals for FY2026"]
[null,null,"Quarter","Period","Capex ($B)","Type","Source"]
[null,null,"Q1 FY26","Jul–Sep 2025",19.399999999999999,"Actual","8-K Q1 FY26 EX-99.1"]
[null,null,"Q2 FY26","Oct–Dec 2025",29.9,"Actual","8-K Q2 FY26 EX-99.1"]
[null,null,"Q3 FY26","Jan–Mar 2026",30.9,"Actual","8-K Q3 FY26 EX-99.1"]
[null,null,"Q4 FY26 (est.)","Apr–Jun 2026",{"$f":"I27-SUM(E48:E50)","v":94.800000000000011},"Estimated","FY26 total (E26) minus 9-month actual"]
[]
[null,null,"H1 FY26 (Jul–Dec 2025, CY2025 tail)",{"$f":"E48+E49","v":49.3}]
[null,null,"H2 FY25 (Jan–Jun 2025, CY2025 head) — even split",{"$f":"H27*0.5","v":32.5}]
[null,null,"Microsoft CY2025 (calendarized)",{"$f":"D53+D54","v":81.8}]
[]
[null,null,"IREN (FY Jun 30), quarterly actuals for FY2026"]
[null,null,"Quarter","Period","Capex ($B)","Type","Source"]
[null,null,"9M FY26 total","Jul 2025–Mar 2026",2.61,"Actual","10-Q Q3 FY26"]
[null,null,"Q3 FY26","Jan–Mar 2026",1.48,"Actual","8-K Q3 FY26 EX-99.1"]
[null,null,"H1 FY26 (Q1+Q2, Jul–Dec 2025)","Jul–Dec 2025",{"$f":"E59-E60","v":1.1299999999999999},"Derived","9M minus Q3"]
[null,null,"H2 FY25 (Jan–Jun 2025) — even split",0.8]
[null,null,"IREN CY2025 (calendarized)",{"$f":"E61+D62","v":1.93}]
[]
[]
["x",null,"Calendarized CAPEX (calendar year; non-Dec FY firms only)"]
[null,null,"Dec-31 FY firms are omitted since their CY equals FY. Columns G and H (2026f, 2027e) are unaffected by this toggle for all firms."]
[]
[null,null,"Firm","FY end",2022,2023,2024,2025,"2026f","2027e","Cum. 2024–27"]
[null,null,"Microsoft (CY)","Jun 30",{"$f":"0.5*E27+0.5*F27","v":26},{"$f":"0.5*F27+0.5*G27","v":36},{"$f":"0.5*G27+0.5*H27","v":54.5},{"$f":"D55","v":81.8},{"$f":"I27","v":175},{"$f":"J27","v":250},{"$f":"SUM(G70:J70)","v":561.29999999999995}]
[null,null,"Oracle (CY)","May 31",{"$f":"(5/12)*E29+(7/12)*F29","v":7.3333333333333339},{"$f":"(5/12)*F29+(7/12)*G29","v":7.8333333333333339},{"$f":"(5/12)*G29+(7/12)*H29","v":15.166666666666668},{"$f":"(5/12)*H29+(7/12)*I29","v":46.666666666666671},{"$f":"I29","v":65},{"$f":"J29","v":105},231.83333333333334]
[null,null,"IREN (CY)","Jun 30",{"$f":"0.5*E35+0.5*F35","v":0},{"$f":"0.5*F35+0.5*G35","v":0.25},{"$f":"0.5*G35+0.5*H35","v":1.05},{"$f":"D63","v":1.93},{"$f":"I35","v":6},{"$f":"J35","v":10},18.98]
[null,null,"Applied Digital (CY)","May 31",{"$f":"(5/12)*E41+(7/12)*F41","v":0},{"$f":"(5/12)*F41+(7/12)*G41","v":0.11666666666666668},{"$f":"(5/12)*G41+(7/12)*H41","v":0.66666666666666674},{"$f":"(5/12)*H41+(7/12)*I41","v":2.75},{"$f":"I41","v":4},{"$f":"J41","v":5.5},12.916666666666668]
[]
["x",null,"Active CAPEX Table (feeds all downstream calculations)"]
[null,null,"Toggle B6 controls FY vs. CY for non-Dec firms (2022–2025). Toggles B7/B8 control neocloud inclusion. B9 controls Tier 2 haircut."]
[]
[null,null,"Firm","FY end",2022,2023,2024,2025,"2026f","2027e","Cum. 2024–27"]
[null,null,"Hyperscalers"]
[null,null,"Amazon","Dec 31",{"$f":"E25","v":64},{"$f":"F25","v":53},{"$f":"G25","v":83},{"$f":"H25","v":132},{"$f":"I25","v":200},{"$f":"J25","v":285},{"$f":"SUM(G80:J80)","v":700}]
[null,null,"Alphabet","Dec 31",{"$f":"E26","v":31},{"$f":"F26","v":32},{"$f":"G26","v":53},{"$f":"H26","v":91},{"$f":"I26","v":180},{"$f":"J26","v":255},579]
[null,null,"Microsoft","Jun 30",{"$f":"IF($D$7=\"Yes\",E70,E27)","v":24},{"$f":"IF($D$7=\"Yes\",F70,F27)","v":28},{"$f":"IF($D$7=\"Yes\",G70,G27)","v":44},{"$f":"IF($D$7=\"Yes\",H70,H27)","v":65},{"$f":"I27","v":175},{"$f":"J27","v":250},534]
[null,null,"Meta","Dec 31",{"$f":"E28","v":31},{"$f":"F28","v":28},{"$f":"G28","v":39},{"$f":"H28","v":72},{"$f":"I28","v":135},{"$f":"J28","v":195},441]
[null,null,"Oracle","May 31",{"$f":"IF($D$7=\"Yes\",E71,E29)","v":5},{"$f":"IF($D$7=\"Yes\",F71,F29)","v":9},{"$f":"IF($D$7=\"Yes\",G71,G29)","v":7},{"$f":"IF($D$7=\"Yes\",H71,H29)","v":21},{"$f":"I29","v":65},{"$f":"J29","v":105},198]
[null,null,"Hyperscaler subtotal",null,{"$f":"SUM(E80:E84)","v":155},150,226,381,755,1090,2452]
[]
[null,null,"Tier 1 Neoclouds"]
[null,null,"xAI / SpaceX AI","Dec 31",{"$f":"IF($D$8=\"Yes\",E33,0)","v":0},{"$f":"IF($D$8=\"Yes\",F33,0)","v":0},{"$f":"IF($D$8=\"Yes\",G33,0)","v":0},{"$f":"IF($D$8=\"Yes\",H33,0)","v":0},{"$f":"IF($D$8=\"Yes\",I33,0)","v":0},{"$f":"IF($D$8=\"Yes\",J33,0)","v":0},{"$f":"SUM(G88:J88)","v":0}]
[null,null,"CoreWeave","Dec 31",{"$f":"IF($D$8=\"Yes\",E34,0)","v":0},{"$f":"IF($D$8=\"Yes\",F34,0)","v":0},{"$f":"IF($D$8=\"Yes\",G34,0)","v":0},{"$f":"IF($D$8=\"Yes\",H34,0)","v":0},{"$f":"IF($D$8=\"Yes\",I34,0)","v":0},{"$f":"IF($D$8=\"Yes\",J34,0)","v":0},0]
[null,null,"IREN","Jun 30",{"$f":"IF($D$8=\"Yes\",IF($D$7=\"Yes\",E72,E35),0)","v":0},{"$f":"IF($D$8=\"Yes\",IF($D$7=\"Yes\",F72,F35),0)","v":0},{"$f":"IF($D$8=\"Yes\",IF($D$7=\"Yes\",G72,G35),0)","v":0},{"$f":"IF($D$8=\"Yes\",IF($D$7=\"Yes\",H72,H35),0)","v":0},{"$f":"IF($D$8=\"Yes\",I35,0)","v":0},{"$f":"IF($D$8=\"Yes\",J35,0)","v":0},0]
[null,null,"Crusoe","Dec 31",{"$f":"IF($D$8=\"Yes\",E36,0)","v":0},{"$f":"IF($D$8=\"Yes\",F36,0)","v":0},{"$f":"IF($D$8=\"Yes\",G36,0)","v":0},{"$f":"IF($D$8=\"Yes\",H36,0)","v":0},{"$f":"IF($D$8=\"Yes\",I36,0)","v":0},{"$f":"IF($D$8=\"Yes\",J36,0)","v":0},0]
[null,null,"Lambda","Dec 31",{"$f":"IF($D$8=\"Yes\",E37,0)","v":0},{"$f":"IF($D$8=\"Yes\",F37,0)","v":0},{"$f":"IF($D$8=\"Yes\",G37,0)","v":0},{"$f":"IF($D$8=\"Yes\",H37,0)","v":0},{"$f":"IF($D$8=\"Yes\",I37,0)","v":0},{"$f":"IF($D$8=\"Yes\",J37,0)","v":0},0]
[null,null,"Tier 1 subtotal",null,{"$f":"SUM(E88:E92)","v":0},0,0,0,0,0,0]
[]
[null,null,"Tier 2 Neoclouds"]
[null,null,"Applied Digital","May 31",{"$f":"IF($D$9=\"Yes\",IF($D$7=\"Yes\",E73,E41),0)","v":0},{"$f":"IF($D$9=\"Yes\",IF($D$7=\"Yes\",F73,F41),0)","v":0},{"$f":"IF($D$9=\"Yes\",IF($D$7=\"Yes\",G73,G41),0)","v":0},{"$f":"IF($D$9=\"Yes\",IF($D$7=\"Yes\",H73,H41),0)","v":0},{"$f":"IF($D$9=\"Yes\",I41,0)","v":0},{"$f":"IF($D$9=\"Yes\",J41,0)","v":0},{"$f":"SUM(G96:J96)","v":0}]
[null,null,"Hut 8","Dec 31",{"$f":"IF($D$9=\"Yes\",E42,0)","v":0},{"$f":"IF($D$9=\"Yes\",F42,0)","v":0},{"$f":"IF($D$9=\"Yes\",G42,0)","v":0},{"$f":"IF($D$9=\"Yes\",H42,0)","v":0},{"$f":"IF($D$9=\"Yes\",I42,0)","v":0},{"$f":"IF($D$9=\"Yes\",J42,0)","v":0},0]
[null,null,"Tier 2 gross subtotal",null,{"$f":"SUM(E96:E97)","v":0},0,0,0,0,0,0]
[null,null,"Tier 2 haircut",null,{"$f":"-E98*$D$10","v":0},0,0,0,0,0,0]
[null,null,"Tier 2 net subtotal",null,{"$f":"E98+E99","v":0},0,0,0,0,0,0]
[]
[null,null,"Grand total (all selected)",null,{"$f":"E85+E93+E100","v":155},150,226,381,755,1090,2452]
[]
[]
["x",null,"AI Investment Relative to US Economy"]
[]
[null,null,"Item",null,2022,2023,2024,2025,"2026f","2027e"]
[null,null,"AI capex, 5-firm ($B)",null,{"$f":"E85","v":155},{"$f":"F85","v":150},{"$f":"G85","v":226},{"$f":"H85","v":381},{"$f":"I85","v":755},{"$f":"J85","v":1090}]
[null,null,"AI capex, grand total ($B)",null,{"$f":"E102","v":155},{"$f":"F102","v":150},{"$f":"G102","v":226},{"$f":"H102","v":381},{"$f":"I102","v":755},{"$f":"J102","v":1090}]
[null,null,"U.S. nominal GDP ($T)",null,25.5,27.4,29.2,30.5,31.5,32.4]
[null,null,"U.S. gross PFI ($T)",null,4.7,5,5.2,5.4,5.5,5.7]
[null,null,"5-firm share of GDP (%)",null,{"$f":"E108/(E110*1000)","v":6.0784313725490199E-3},5.4744525547445258E-3,7.7397260273972604E-3,1.2491803278688525E-2,2.3968253968253968E-2,3.3641975308641978E-2]
[null,null,"Universe total share of GDP (%)",null,{"$f":"E109/(E110*1000)","v":6.0784313725490199E-3},5.4744525547445258E-3,7.7397260273972604E-3,1.2491803278688525E-2,2.3968253968253968E-2,3.3641975308641978E-2]
[null,null,"5-firm share of PFI (%)",null,{"$f":"E108/(E111*1000)","v":3.2978723404255318E-2},0.03,4.3461538461538461E-2,7.0555555555555552E-2,0.13727272727272727,0.19122807017543861]
[null,null,"Universe total share of PFI (%)",null,{"$f":"E109/(E111*1000)","v":3.2978723404255318E-2},0.03,4.3461538461538461E-2,7.0555555555555552E-2,0.13727272727272727,0.19122807017543861]
[]
["x",null,"I_bar (cumulative AI capex 2024–2027, $B)"]
[]
[null,null,"Series",null,2022,2023,2024,2025,"2026f","2027e","Cumulative"]
[null,null,"5-firm capex",null,null,null,{"$f":"G85","v":226},{"$f":"H85","v":381},{"$f":"I85","v":755},{"$f":"J85","v":1090},{"$f":"SUM(G120:J120)","v":2452}]
[null,null,"Universe total capex (per toggles)",null,null,null,{"$f":"G102","v":226},{"$f":"H102","v":381},{"$f":"I102","v":755},{"$f":"J102","v":1090},2452]
[]
[null,null,"Active I_bar (B16):",null,null,null,{"$f":"D17","v":2452}]
[]
[]
[]
["x",null,"Chart Helper"]
[]
[null,null,"Firm",{"$f":"E78","v":2022},{"$f":"F78","v":2023},2024,2025,"2026f","2027e"]
[null,null,{"$f":"C80","v":"Amazon"},{"$f":"E80","v":64},{"$f":"F80","v":53},83,132,200,285]
[null,null,{"$f":"C81","v":"Alphabet"},{"$f":"E81","v":31},32,53,91,180,255]
[null,null,"Microsoft",24,28,44,65,175,250]
[null,null,"Meta",31,28,39,72,135,195]
[null,null,"Oracle",5,9,7,21,65,105]
[null,null,{"$f":"IF(D8=\"Yes\",C87,\"T1 Neoclouds Excluded\")","v":"T1 Neoclouds Excluded"},{"$f":"IF(D8=\"Yes\",E93:J93, 0)","v":0}]
[null,null,{"$f":"IF(D9=\"Yes\",C95,\"T2 Neoclouds Excluded\")","v":"T2 Neoclouds Excluded"},{"$f":"IF(D9=\"Yes\",E100:J100, 0)","v":0}]

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[null,null,2032,{"$f":"D29","v":5890.8361116830465},{"$f":"p_star","v":3.9325327510917031E-2},1.0367090758112649,4730.3189219335654,4730.3189219335654,{"$f":"IF($D$8, delta_a * G30 + (1/theta_a) * (H30-G30), H30-G30*(1-delta_a))","v":1182.5797304833914},5475.3863342792611,28.731386334279271,0.19714109726163587,0.19057160244810761]
[]
["x",null,"Scenario Analysis"]
[null,null,"Press Alt + F8, and click RunOpenModelScenarioAnalysis. VBA script toggles through settings and outputs results below"]
["x",null,"Investment I* ($B)"]
[null,null,"Year","No friction / Moderate","No friction / Trans-a","No friction / Trans-b","No friction / Singularity","Friction / Moderate","Friction / Trans-a","Friction / Trans-b","Friction / Singularity"]
[null,null,2022,155,155,155,155,155,155,155,155,1649.2708275730849,24.905270827573094]
[null,null,2023,150,150,150,150,150,150,150,150,1925.8682782739754,25.181868278273985]
[null,null,2024,226,226,226,226,226,226,226,226,2042.148571428573,25.298148571428584]
[null,null,2025,381,381,381,381,381,381,381,381,2209.7375744218853,25.465737574421894]
[null,null,2026,755,755,755,755,755,755,755,755,4525.9682580994686,27.781968258099479]
[null,null,2027,1090,1090,1090,1090,1090,1090,1090,1090,4983.4335035586773,28.23943350355869]
[null,null,2028,1710.7740214727385,1710.7740214727385,1710.7740214727385,1710.7740214727385,848.06753096710338,848.06753096710338,848.06753096710338,848.06753096710338]
[null,null,2029,740.22921965389924,5739.6759676942411,740.22921965389924,5739.6759676942411,812.12142719603526,2478.6036765428157,812.12142719603526,2478.6036765428157]
[null,null,2030,-461.21010315164585,-1239.9537980583882,2509.6312629718686,6747.0916074552442,387.67758374680818,1239.0845183424146,1377.958039121313,3901.4329868469586]
[null,null,2031,439.86938895251274,1182.5797304833914,1182.5797304833914,3179.3410818617995,405.07485214870968,1220.2495890560735,1312.8319362420057,3660.7356851852392]
[null,null,2032,439.86938895251274,1182.5797304833914,1182.5797304833914,3179.3410818617995,416.67303108331066,1207.6929695318461,1269.4145343224677,3500.2708174107593]
[]
[]
["x",null,"GDP Growth (%)"]
[null,null,"Year","No friction / Moderate","No friction / Trans-a","No friction / Trans-b","No friction / Singularity","Friction / Moderate","Friction / Trans-a","Friction / Trans-b","Friction / Singularity"]
[null,null,2022]
[null,null,2023,0,0,0,0,0,0,0,0]
[null,null,2024,2.8776061433620326E-2,2.8776061433620326E-2,2.8776061433620326E-2,2.8776061433620326E-2,2.8776061433620326E-2,2.8776061433620326E-2,2.8776061433620326E-2,2.8776061433620326E-2]
[null,null,2025,3.1030770278702269E-2,3.1030770278702269E-2,3.1030770278702269E-2,3.1030770278702269E-2,3.1030770278702269E-2,3.1030770278702269E-2,3.1030770278702269E-2,3.1030770278702269E-2]
[null,null,2026,3.6775947322711167E-2,3.6775947322711167E-2,3.6775947322711167E-2,3.6775947322711167E-2,3.6775947322711167E-2,3.6775947322711167E-2,3.6775947322711167E-2,3.6775947322711167E-2]
[null,null,2027,4.8142579130469265E-2,4.8142579130469265E-2,4.8142579130469265E-2,4.8142579130469265E-2,4.8142579130469265E-2,4.8142579130469265E-2,4.8142579130469265E-2,4.8142579130469265E-2]
[null,null,2028,5.2342857142857246E-2,5.2342857142857246E-2,5.2342857142857246E-2,5.2342857142857246E-2,5.2342857142857246E-2,5.2342857142857246E-2,5.2342857142857246E-2,5.2342857142857246E-2]
[null,null,2029,6.9935590906174294E-2,0.16415609695538524,6.9935590906174294E-2,0.16415609695538524,5.8988138675475588E-2,0.14298950913667774,5.8988138675475588E-2,0.14298950913667774]
[null,null,2030,6.9935590906174294E-2,0.24036324301687606,0.16415609695538524,0.49367311964871785,6.2924525211707882E-2,0.18567353652827379,0.15060040065296043,0.38793212614849182]
[null,null,2031,5.3858790033896042E-2,0.19714109726163587,0.19714109726163587,0.58235260895132823,6.0100871607313922E-2,0.18962927658282358,0.16858877251219262,0.47023815709428707]
[null,null,2032,5.3858790033896042E-2,0.19714109726163587,0.19714109726163587,0.58235260895132823,5.8116580805594786E-2,0.19218960983633826,0.17898205493881303,0.51286420505788666]
[]
[]
["x",null,"AI Share (%)"]
[null,null,"Year","No friction / Moderate","No friction / Trans-a","No friction / Trans-b","No friction / Singularity","Friction / Moderate","Friction / Trans-a","Friction / Trans-b","Friction / Singularity"]
[null,null,2022,3.1000000000000003E-2,3.1000000000000003E-2,3.1000000000000003E-2,3.1000000000000003E-2,3.1000000000000003E-2,3.1000000000000003E-2,3.1000000000000003E-2,3.1000000000000003E-2]
[null,null,2023,3.1000000000000003E-2,3.1000000000000003E-2,3.1000000000000003E-2,3.1000000000000003E-2,3.1000000000000003E-2,3.1000000000000003E-2,3.1000000000000003E-2,3.1000000000000003E-2]
[null,null,2024,5.8104055561247328E-2,5.8104055561247328E-2,5.8104055561247328E-2,5.8104055561247328E-2,5.8104055561247328E-2,5.8104055561247328E-2,5.8104055561247328E-2,5.8104055561247328E-2]
[null,null,2025,6.0163839981162086E-2,6.0163839981162086E-2,6.0163839981162086E-2,6.0163839981162086E-2,6.0163839981162086E-2,6.0163839981162086E-2,6.0163839981162086E-2,6.0163839981162086E-2]
[null,null,2026,6.5371836121131552E-2,6.5371836121131552E-2,6.5371836121131552E-2,6.5371836121131552E-2,6.5371836121131552E-2,6.5371836121131552E-2,6.5371836121131552E-2,6.5371836121131552E-2]
[null,null,2027,7.55074554800792E-2,7.55074554800792E-2,7.55074554800792E-2,7.55074554800792E-2,7.55074554800792E-2,7.55074554800792E-2,7.55074554800792E-2,7.55074554800792E-2]
[null,null,2028,7.9197437011294544E-2,7.9197437011294544E-2,7.9197437011294544E-2,7.9197437011294544E-2,7.9197437011294544E-2,7.9197437011294544E-2,7.9197437011294544E-2,7.9197437011294544E-2]
[null,null,2029,9.4338006665137281E-2,0.16763739627853738,9.4338006665137281E-2,0.16763739627853738,8.4975586967411948E-2,0.15222318992944681,8.4975586967411948E-2,0.15222318992944681]
[null,null,2030,9.4338006665137281E-2,0.21877723686559125,0.16763739627853738,0.35126368195747565,8.8364246928068949E-2,0.18274299784298742,0.15783099028116382,0.30183905844951314]
[null,null,2031,8.0521973946022382E-2,0.19057160244810761,0.19057160244810761,0.38762068927090459,8.5936040661100083E-2,0.18546053037344104,0.17079470315560485,0.34092310465191006]
[null,null,2032,8.0521973946022382E-2,0.19057160244810761,0.19057160244810761,0.38762068927090459,8.4221892390861225E-2,0.18720982635218358,0.17810453862227005,0.35949307494989396]
[]
["x",null,"Value Creation"]
[]
[null,null,"p_star",{"$f":"p_star","v":3.9325327510917031E-2}]
[null,null,"Omega_star",{"$f":"(1-D80)+D80*exp_xi^(1-alpha)","v":1.0367090758112649}]
[]
[null,null,"Scenario",null,"z_at","K_star","Capital Claim on Y_a","Y_a","Y_a/Y"]
[null,null,null,null,{"$f":"D30","v":5890.8361116830465},{"$f":"E84*(alpha*$D$81/(r_a+delta_a))^(1/(1-alpha))","v":4730.3189219335654}]
[null,null,"Moderate",1,2191.1406174755248,{"$f":"E85*(alpha*$D$81/(r_a+delta_a))^(1/(1-alpha))","v":1759.4775558100509},{"$f":"(r_a + delta_a)/$D$81*F85","v":678.87032027116834},{"$f":"G85/alpha","v":2036.610960813505},{"$f":"H85/(H85+Yn0)","v":8.052197394602234E-2}]
[null,null,"Transformative-a",2,5890.8361116830465,{"$f":"E86*(alpha*$D$81/(r_a+delta_a))^(1/(1-alpha))","v":4730.3189219335654},{"$f":"(r_a + delta_a)/$D$81*F86","v":1825.1287780930859},{"$f":"G86/alpha","v":5475.3863342792583},{"$f":"H86/(H86+Yn0)","v":0.19057160244810753}]
[null,null,"Transformative-b",3,5890.8361116830465,{"$f":"E87*(alpha*$D$81/(r_a+delta_a))^(1/(1-alpha))","v":4730.3189219335654},{"$f":"(r_a + delta_a)/$D$81*F87","v":1825.1287780930859},{"$f":"G87/alpha","v":5475.3863342792583},{"$f":"H87/(H87+Yn0)","v":0.19057160244810753}]
[null,null,"Singularity",4,15837.390726064006,{"$f":"E88*(alpha*$D$81/(r_a+delta_a))^(1/(1-alpha))","v":12717.364327447198},{"$f":"(r_a + delta_a)/$D$81*F88","v":4906.8208716106274},{"$f":"G88/alpha","v":14720.462614831882},{"$f":"H88/(H88+Yn0)","v":0.38762068927090471}]
[]
["x",null,"Long Run GDP"]
[null,null,"Press Alt + F8, and click RunMonteCarlo. VBA script runs simulation and returns output to the cells below"]
[]
[null,null,"Moderate - GDP Growth (%)"]
[null,null,"Year","Mean","P10","P25","P75","P90"]
[null,null,2030,5.9303517708545382E-2,5.3858790033896042E-2,5.3858790033896042E-2,5.3858790033896042E-2,5.3858790033896042E-2]
[null,null,2031,6.5203447330681841E-2,5.3858790033896042E-2,5.3858790033896042E-2,5.3858790033896042E-2,5.3858790033896042E-2]
[null,null,2032,7.1998743389561359E-2,5.3858790033896042E-2,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564]
[null,null,2033,7.8774534566617926E-2,5.3858790033896042E-2,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564]
[null,null,2034,8.6930196112816979E-2,5.3858790033896042E-2,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564]
[null,null,2035,9.4611375327338265E-2,5.3858790033896042E-2,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564]
[null,null,2036,0.10351306421659272,5.3858790033896042E-2,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564]
[null,null,2037,0.1120427395715396,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564,0.19714109726163564]
[null,null,2038,0.12108497512997747,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564,0.19714109726163564]
[null,null,2039,0.13055840160571053,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564,0.19714109726163564]
[null,null,2040,0.14252405228460763,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564,0.19714109726163564]
[null,null,2041,0.154695432920475,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564,0.19714109726163564]
[null,null,2042,0.16578175224167085,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564,0.19714109726163564]
[null,null,2043,0.17915364901595343,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564,0.58235260895132823]
[null,null,2044,0.19352503670362006,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564,0.58235260895132823]
[null,null,2045,0.20646375580929743,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564,0.58235260895132823]
[null,null,2046,0.22088786316876227,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564,0.58235260895132823]
[null,null,2047,0.23793472815818972,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564,0.58235260895132823]
[null,null,2048,0.25940773802529482,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564,0.58235260895132823]
[null,null,2049,0.27668737052530495,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564,0.58235260895132823]
[null,null,2050,0.29894335217544887,5.3858790033896042E-2,5.3858790033896042E-2,0.19714109726163564,0.58235260895132823]
[]
[null,null,"Moderate - AI Share (%)"]
[null,null,"Year","Mean","P10","P25","P75","P90"]
[null,null,2030,8.4703859829099906E-2,8.052197394602234E-2,8.052197394602234E-2,8.052197394602234E-2,8.052197394602234E-2]
[null,null,2031,8.9037734703120777E-2,8.052197394602234E-2,8.052197394602234E-2,8.052197394602234E-2,8.052197394602234E-2]
[null,null,2032,9.38854073697587E-2,8.052197394602234E-2,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747]
[null,null,2033,9.8579755206790354E-2,8.052197394602234E-2,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747]
[null,null,2034,0.10393478466575773,8.052197394602234E-2,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747]
[null,null,2035,0.10882656544053713,8.052197394602234E-2,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747]
[null,null,2036,0.11409861820468468,8.052197394602234E-2,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747]
[null,null,2037,0.1192746318421249,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747,0.19057160244810747]
[null,null,2038,0.12444009624501291,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747,0.19057160244810747]
[null,null,2039,0.12933667461451656,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747,0.19057160244810747]
[null,null,2040,0.13567897781512955,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747,0.19057160244810747]
[null,null,2041,0.14131013465408609,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747,0.19057160244810747]
[null,null,2042,0.14681933130785202,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747,0.19057160244810747]
[null,null,2043,0.15296542616433964,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747,0.38762068927090471]
[null,null,2044,0.15885803313855146,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747,0.38762068927090471]
[null,null,2045,0.16486343013459226,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747,0.38762068927090471]
[null,null,2046,0.17031761510108021,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747,0.38762068927090471]
[null,null,2047,0.1767495476600871,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747,0.38762068927090471]
[null,null,2048,0.18288427955824482,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747,0.38762068927090471]
[null,null,2049,0.1890050715363317,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747,0.38762068927090471]
[null,null,2050,0.19546933885490389,8.052197394602234E-2,8.052197394602234E-2,0.19057160244810747,0.38762068927090471]
[]
[]
[null,null,"Transformative - GDP Growth (%)"]
[null,null,"Year","Mean","P10","P25","P75","P90"]
[null,null,2030,0.21281920578744001,0.19714109726163564,0.19714109726163564,0.19714109726163564,0.19714109726163564]
[null,null,2031,0.22863496085981533,0.19714109726163564,0.19714109726163564,0.19714109726163564,0.19714109726163564]
[null,null,2032,0.24568077595889509,0.19714109726163564,0.19714109726163564,0.19714109726163564,0.58235260895132823]
[null,null,2033,0.26084983723538269,0.19714109726163564,0.19714109726163564,0.19714109726163564,0.58235260895132823]
[null,null,2034,0.27865397914865259,0.19714109726163564,0.19714109726163564,0.19714109726163564,0.58235260895132823]
[null,null,2035,0.29749375422284335,0.19714109726163564,0.19714109726163564,0.19714109726163564,0.58235260895132823]
[null,null,2036,0.31989657807650668,0.19714109726163564,0.19714109726163564,0.19714109726163564,0.58235260895132823]
[null,null,2037,0.34243340625691326,0.19714109726163564,0.19714109726163564,0.58235260895132823,0.58235260895132823]
[null,null,2038,0.36696400258215656,0.19714109726163564,0.19714109726163564,0.58235260895132823,0.58235260895132823]
[null,null,2039,0.39352148109407881,0.19714109726163564,0.19714109726163564,0.58235260895132823,0.58235260895132823]
[null,null,2040,0.42219494628152276,0.19714109726163564,0.19714109726163564,0.58235260895132823,0.58235260895132823]
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[null,null,"Transformative - AI Share (%)"]
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[null,null,2032,0.21415667885158576,0.19057160244810747,0.19057160244810747,0.19057160244810747,0.38762068927090471]
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[null,null,2035,0.23602720704793265,0.19057160244810747,0.19057160244810747,0.19057160244810747,0.38762068927090471]
[null,null,2036,0.24393301026996933,0.19057160244810747,0.19057160244810747,0.19057160244810747,0.38762068927090471]
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[null,null,2038,0.26009076814772492,0.19057160244810747,0.19057160244810747,0.38762068927090471,0.38762068927090471]
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[null,null,2043,0.30191384097999019,0.19057160244810747,0.19057160244810747,0.38762068927090471,0.62986811801982812]
[null,null,2044,0.30979529573127473,0.19057160244810747,0.19057160244810747,0.38762068927090471,0.62986811801982812]
[null,null,2045,0.31823154506252987,0.19057160244810747,0.19057160244810747,0.38762068927090471,0.62986811801982812]
[null,null,2046,0.32749640658713441,0.19057160244810747,0.19057160244810747,0.38762068927090471,0.62986811801982812]
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[]
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[null,null,2039,1.1515056506429,0.58235260895132823,0.58235260895132823,1.6179857698719116,1.6179857698719116]
[null,null,2040,1.2165295410988335,0.58235260895132823,0.58235260895132823,1.6179857698719116,1.6179857698719116]
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[null,null,2048,2.0790283621938102,0.58235260895132823,0.58235260895132823,1.6179857698719116,4.4022640467431948]
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{"sheet":"Model 2 - Riskfree and ERP","index":8,"n_rows":41,"n_cols":13,"rows_kept":41,"cut":false,"hidden":false,"merged":[]}
[]
[null,null,"Model 2"]
[null,null,"Wachter and Wachter (2026): What Investment Data Implies about the AI Transition"]
[]
["x",null,"Consumption Boom Size"]
[]
[null,null,"Scenario","s_a","xi_b","p_b"]
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[null,null,"Moderate",{"$f":"'Model 1 - Inv & GDP Paths'!I85","v":8.052197394602234E-2},{"$f":"D9*(1-alpha)*xi","v":5.3089517241422843E-2},{"$f":"p_star","v":3.9325327510917031E-2}]
[null,null,"Transformative",{"$f":"'Model 1 - Inv & GDP Paths'!I86","v":0.19057160244810753},{"$f":"D10*(1-alpha)*xi","v":0.12564712311544327},{"$f":"p_star","v":3.9325327510917031E-2}]
[null,null,"Singularity",{"$f":"'Model 1 - Inv & GDP Paths'!I88","v":0.38762068927090471},{"$f":"D11*(1-alpha)*xi","v":0.25556496267683032},{"$f":"p_star","v":3.9325327510917031E-2}]
[null,null,"Absorbing limit",1,{"$f":"D12*(1-alpha)*xi","v":0.65931713592877439},{"$f":"p_star","v":3.9325327510917031E-2}]
[]
["x",null,"Risk-free rate and ERP"]
[]
["x",null,"Toggles"]
[null,null,"Scenario",3]
[null,null,"Selected Scenario",{"$f":"OFFSET(C7, D17, 0)","v":"Transformative"}]
[]
[null,null,"xi_b",{"$f":"OFFSET(E7,D17,0)","v":0.12564712311544327}]
[null,null,"p_b",{"$f":"OFFSET(F7,D17,0)","v":3.9325327510917031E-2}]
[]
[null,null,"gamma","Phi_d(1)","Phi_d(-gamma)","Phi_d(1- gamma)","Phi_b(1)","Phi_b(-gamma)","Phi_b(1- gamma)","r_f","ERP"]
[null,null,1,{"$f":"(1-p_d) + p_d * EXP(xi_d)","v":0.99498548715130208},{"$f":"(1-p_d) + p_d * EXP(-C24*xi_d)","v":1.0058260327382182},{"$f":"(1-p_d) + p_d * EXP((1-C24)*xi_d)","v":1},{"$f":"(1-$D$21)+$D$21*EXP($D$20)","v":1.0052649525909181},{"$f":"(1-$D$21)+$D$21*EXP(-C24*$D$20)","v":0.99535670140455612},{"$f":"(1-$D$21)+$D$21*EXP((1-C24)*$D$20)","v":1},{"$f":"rho + mu_c + sigma_c^2 * (1 - 2 *C24)/2 + LN(F24/E24) + LN(I24/H24)","v":4.3644985153387793E-2},{"$f":"C24*sigma_c^2+LN(D24*E24/F24)+LN(G24*H24/I24)","v":1.7790283235247558E-3}]
[null,null,2,0.99498548715130208,1.012594917072736,1.0058260327382182,{"$f":"(1-$D$21)+$D$21*EXP($D$20)","v":1.0052649525909181},{"$f":"(1-$D$21)+$D$21*EXP(-C25*$D$20)","v":0.99126165563270185},{"$f":"(1-$D$21)+$D$21*EXP((1-C25)*$D$20)","v":0.99535670140455612},4.1815501567304479E-2,3.6085119096080317E-3]
[null,null,3,0.99498548715130208,1.0204592386776461,1.012594917072736,1.0052649525909181,0.98765012828228871,0.99126165563270185,3.9913518432100351E-2,5.5104950448123515E-3]
[null,null,4,0.99498548715130208,1.0295962768140583,1.0204592386776461,1.0052649525909181,0.98446502840076122,0.98765012828228871,3.7916137429046551E-2,7.5078760478660567E-3]
[null,null,5,0.99498548715130208,1.0402120005980562,1.0295962768140583,1.0052649525909181,0.98165600599251446,0.98446502840076122,3.5799649703362392E-2,9.6243637735503769E-3]
[null,null,6,0.99498548715130208,1.0525457120016501,1.0402120005980562,1.0052649525909181,0.97917865608716459,0.98165600599251446,3.353965501123192E-2,1.1884358465680814E-2]
[]
["x",null,"Scenario Analysis"]
[null,null,"Press Alt + F8, and click RunRAModelScenarioAnalysis. VBA script toggles through settings and outputs results below"]
[]
[null,null,"gamma","No AI",null,"Moderate",null,"Transformative",null,"Singularity",null,"Absorbing Limit"]
[null,null,null,"r_f","ERP","r_f","ERP","r_f","ERP","r_f","ERP","r_f","ERP"]
[null,null,1,3.8990872960193934E-2,1.1819993323024418E-3,4.102625428720539E-2,1.2884982312645174E-3,4.3644985153387793E-2,1.7790283235247558E-3,4.7899128062149056E-2,3.6598528692073241E-3,5.8159518489367165E-2,1.8064699632105444E-2]
[null,null,2,3.7692866178037729E-2,2.4800061144585341E-3,3.9626842906641341E-2,2.6879096118284265E-3,4.1815501567304479E-2,3.6085119096080317E-3,4.4647067218971284E-2,6.9119137123848096E-3,4.7753038204029263E-2,2.8471179917443214E-2]
[null,null,3,3.6263500892810566E-2,3.9093713996859059E-3,3.8100943232113126E-2,4.2138092863568972E-3,3.9913518432100351E-2,5.5104950448123515E-3,4.1682811036179573E-2,9.8761698951766556E-3,4.1506647730080351E-2,3.4717570391392311E-2]
[null,null,4,3.4685998823678205E-2,5.4868734688181342E-3,3.6431560829698215E-2,5.8831916887717248E-3,3.7916137429046551E-2,7.5078760478660567E-3,3.8903413945845559E-2,1.2655566985510692E-2,3.7408601897654173E-2,3.881561622381835E-2]
[null,null,5,3.2942222037019429E-2,7.2306502554769841E-3,3.4600349464938979E-2,7.7144030535308585E-3,3.5799649703362392E-2,9.6243637735503769E-3,3.622078672187598E-2,1.5338194209480308E-2,3.435327802912691E-2,4.1870940092345668E-2]
[null,null,6,3.1012821646448835E-2,9.1600506460474997E-3,3.2587759694396978E-2,9.7269928240729109E-3,3.353965501123192E-2,1.1884358465680814E-2,3.355940734621677E-2,1.7999573585139442E-2,3.1743407958947117E-2,4.4480810162525405E-2]