Social time preference revisited |
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| Authors: | Dirk Willenbockel |
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| Institution: | (1) Middlesex University Business School, The Burroughs, London, NW4 4BT, UK |
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| Abstract: | The article reconsiders the implications of the choice of pure social time preference for intergenerational equity in the
presence of a time-consistent utilitarian social welfare criterion. The analytic framework is a setting with overlapping generations,
lifetime uncertainty, population growth and technical progress. The analysis identifies upper and lower bounds for the feasible
range of social discount rates and draws a corresponding distinction between “gerontocratic” and “Stalinist” optimal plans.
The paper corrects a number of inaccurate propositions in a related earlier contribution by Marini and Scaramozzino (2000) to this journal.
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| Keywords: | Intergenerational equity Overlapping generations Social discount rate |
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