Intergenerational discounting: A new approach
In this paper, we analyze how to utilize discount rates in intergenerational projects. Firstly, neoclassical decision-making is depicted in Ramsey and overlapping-generations models (OLG-models). Afterwards we investigate the utilization of time preference rates and opportunity cost rates in an intergenerational framework. The results lead us to the formulation of an adjusted OLG-discounting method of consumption units, taking into consideration intra- and intergenerational aspects. At the end of our paper, we draw some conclusions concerning environmental and resources policy, and sustainability.
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