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Value Functions for Infinite-Period Planning

Author

Listed:
  • Charles M. Harvey

    (Dickinson College, Carlisle, Pennsylvania 17013 and International Institute for Applied Systems Analysis, Laxenburg, Austria)

Abstract

Cost-benefit and risk analysis studies that model tradeoffs between the present and the distant future by means of present value discounting have been criticized for according the future, and thus future generations, far too little importance. This paper presents an alternative means of modeling tradeoffs between different periods that accords the future far more importance than present value discounting, and that is no more difficult to apply. The paper also presents a means of modeling the preference issue of concern for equity or stability between different periods.

Suggested Citation

  • Charles M. Harvey, 1986. "Value Functions for Infinite-Period Planning," Management Science, INFORMS, vol. 32(9), pages 1123-1139, September.
  • Handle: RePEc:inm:ormnsc:v:32:y:1986:i:9:p:1123-1139
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    File URL: http://dx.doi.org/10.1287/mnsc.32.9.1123
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    Keywords

    decision analysis; discounting for time;

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