학술논문
Social time preference revisited.
Document Type
Article
Author
Source
Subject
*SOCIAL aspects of time
*EQUITY (Law)
*PUBLIC welfare
*POPULATION
*DISCOUNT prices
*TECHNOLOGICAL progress
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Language
ISSN
0933-1433
Abstract
The article reconsiders the implications of the choice of pure social time preference for intergenerational equity in the presence of a time-consistent utilitarian social welfare criterion. The analytic framework is a setting with overlapping generations, lifetime uncertainty, population growth and technical progress. The analysis identifies upper and lower bounds for the feasible range of social discount rates and draws a corresponding distinction between “gerontocratic” and “Stalinist” optimal plans. The paper corrects a number of inaccurate propositions in a related earlier contribution by Marini and Scaramozzino () to this journal. [ABSTRACT FROM AUTHOR]