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PURE TIME PREFERENCE IN INTERTEMPORAL WELFARE ECONOMICS
Economics and Philosophy
Abstract: Several areas of welfare economics seek to evaluate states of affairs as a function of interpersonally comparable individual utilities. The aim is to map each state of affairs onto a vector of individual utilities, and then to produce an ordering of these vectors that can be represented by a mathematical function assigning a real number to each. When this approach is used in intertemporal contexts, a central theoretical question concerns the rate of pure time preference, i.e. thedoi:10.1017/s0266267117000074 fatcat:jktyctig7rcmdcm3q32dod3ana