The Social Discount Rate [post]

Andrew Caplin, John Leahy
2001 unpublished
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. _____________________________________________________________________________________
doi:10.21034/dp.137 fatcat:53l2n7f3xbhypjgdbqdkmzzv34