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Discounting and Welfare Analysis Over Time: Choosing the η

Buchholz, Wolfgang and Schumacher, Jan (2008) Discounting and Welfare Analysis Over Time: Choosing the η. CESifo Working Paper Series 2230, Working Paper.

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Other URL: http://www.cesifo.de/DocCIDL/cesifo1_wp2230.pdf


Based on the Ramsey equation and an ethically motivated rejection of pure utility time discount, the Stern Review on the Economics of Climate Change concentrates on the use of the elasticity of marginal utility η in the intergenerational social welfare function. We support this position by showing that, also from the view point of sustainability, application of η is preferable to the use of the ...


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Item type:Monograph (Working Paper)
Date:February 2008
Institutions:Business, Economics and Information Systems > Institut für Volkswirtschaftslehre und Ökonometrie > Lehrstuhl für Finanzwissenschaft, insbesondere Umweltökonomie (Prof. Dr. Wolfgang Buchholz)
D6Journal of Economics Literature Classification
D9Journal of Economics Literature Classification
Q5Journal of Economics Literature Classification
Keywords:Ramsey equation, discounting, sustainability, non-envy
Dewey Decimal Classification:300 Social sciences > 330 Economics
Refereed:No, this document will not be refereed
Created at the University of Regensburg:Yes
Item ID:9613
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