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Journal Article

21

Social Time Preference Revisited

Published on 4 August 2008

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 (2000) to this journal.

Authors

Image of Dirk Willenbockel

Dirk Willenbockel

Research Fellow

Publication details

authors
Willenbockel, D.
journal
Journal of Population Economics, volume 21, issue 3

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