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Individual and Social optimality of Intergenerational Investments

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  • Emilio Padilla Rosa

    ()
    (Universidad Autonóma de Barcelona)

  • Joan Pasqual Rocabert

    ()
    (Universidad Autónoma de Barcelona)

Abstract

Conventional evaluation methods, as the net present value, consider any future consumption applying the time preference of present individuals. A more coherent analysis requires distinguishing between time preferences and the preferences about the consumption to be enjoyed by the individuals of future generations. In this paper we use an overlapping generations model with intergenerational altruism for studying optimality conditions of intergenerational investments. This tool allows us to consider the problem of intergenerational allocation without obviating the individuals’ intertemporal allocation of consumption.

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Bibliographic Info

Article provided by IEF in its journal Hacienda Pública Española/Revista de Economía Pública.

Volume (Year): 174 (2005)
Issue (Month): 3 (September)
Pages: 9-24

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Handle: RePEc:hpe:journl:y:2005:v:174:i:3:p:9-24

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Related research

Keywords: Cost-benefit analysis; Future generations; Intergenerational altruism; Net present value; Project appraisal; Time discounting;

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  1. Richard Howarth & Richard Norgaard, 1993. "Intergenerational transfers and the social discount rate," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 3(4), pages 337-358, August.
  2. Kotlikoff, Laurence J & Summers, Lawrence H, 1981. "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 706-32, August.
  3. Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
  4. Hultkrantz, Lars, 1992. "Forestry and the bequest motive," Journal of Environmental Economics and Management, Elsevier, vol. 22(2), pages 164-177, March.
  5. R. M. Solow, 1973. "Intergenerational Equity and Exhaustable Resources," Working papers 103, Massachusetts Institute of Technology (MIT), Department of Economics.
  6. Pasqual, Joan & Souto, Guadalupe, 2003. "Sustainability in natural resource management," Ecological Economics, Elsevier, vol. 46(1), pages 47-59, August.
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