Discussion Paper
The social discount rate
Abstract: In welfare theory it is standard to pick the consumption stream that maximizes the welfare of the representative agent. We argue against this position, and show that a benevolent social planner will generally place a greater weight on future consumption than does the representative agent.
Access Documents
File(s):
File format is application/pdf
https://www.minneapolisfed.org/research/dp/dp137.pdf
Description: Full Text
Authors
Bibliographic Information
Provider: Federal Reserve Bank of Minneapolis
Part of Series: Discussion Paper / Institute for Empirical Macroeconomics
Publication Date: 2001
Number: 137