A note on discounting and the social time preference rate
AbstractThis paper examines the discounting of money values in social evaluations using a social time preference rate (defined as the sum of a pure time preference rate and the product of the elasticity of marginal valuation and a growth rate). It is shown that this procedure can give a different ranking of alternative streams compared with the direct use of the pure time preference rate to discount ‘social welfare’ in each period (where social welfare is a - usually isoelastic - function of money values).
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Bibliographic InfoArticle provided by Bankwest Curtin Economics Centre (BCEC), Curtin Business School in its journal Australian Journal of Labour Economics (AJLE).
Volume (Year): 11 (2008)
Issue (Month): 3 (September)
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Web page: http://business.curtin.edu.au/research/publications/journals/ajle/
More information through EDIRC
Allocative Efficiency; Cost-Benefit Analysis Intertemporal Choice and Growth: General General Welfare;
Find related papers by JEL classification:
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
- D90 - Microeconomics - - Intertemporal Choice - - - General
- I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
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