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Social Discounting and Long-Run Discounting

主讲人: Shaowei Ke
主讲人简介:

Assistant Professor at Department of Economics, University of  Michigan. Prof. Ke holds Ph. D. of Economics from Princeton University. 

Please click Prof. Ke' CV for more information.

简介:

The most critical issue in evaluating policies and projects that a¤ect generations of individuals is the choice of social discount rate. This paper shows that there exist social discount rates such that the planner can simultaneously be (i) time-consistent;(ii) intergenerationally Pareto? i.e., if all individuals from all generations prefer one policy/project to another, the planner agrees; and (iii) strongly non-dictatorial? i.e., no individual from any generation is ignored. Moreover, to satisfy (i)?(iii), if the time horizon is long enough, it is generically su¢ cient and necessary for social discounting to be more patient than the most patient individual long-run discounting, in which an individual?s long-run discount rate is his asymptotic average and relative discount rate.

时间: 2017-05-24(Wednesday)12:30-14:00
地点: N302, Econ Building
期数: 金融BBS讲座&微观BBS讲座
类型: 独立讲座