Pasquale Scaramozzino () (Centre for Financial and Management Studies, SOAS, University of London, Thornhaugh Street, London WC1H 0XG, UK.) Giancarlo Marini () (Dipartimento di Economia e Istituzioni, UniversitÁ di Roma «Tor Vergata», via di Tor Vergata s.n.c., 00133 Roma, Italy.)
Additional information is available for the following
registered author(s):
The observed practice of discounting the future should not be rationalised on the grounds of myopia or selfishness. A positive rate of pure time preference is necessary to ensure that heterogeneous generations are treated in an egalitarian fashion. A zero social discount rate would yield intertemporal allocations which are biased against the current generations. Endogenous productivity growth requires that the social discount rate be set above the subjective rate of pure time preference. Positive social time preference, far from discriminating against future generations, is essential for a fairer intertemporal allocation of resources.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)