Justifying social discounting: the rank-discounted utilitarian approach
The discounted utilitarian criterion for infinite horizon social choice has been criticized for treating generations unequally. We propose an extended rank-discounted utilitarian (ERDU) criterion instead. The criterion amounts to discounted utilitarianism on non-decreasing streams, but it treats all...
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Munich
CESifo
2010
|
| Series: | CESifo working papers
3192 : Category 2, Public choice |
| Online Access: | Volltext |
| Summary: | The discounted utilitarian criterion for infinite horizon social choice has been criticized for treating generations unequally. We propose an extended rank-discounted utilitarian (ERDU) criterion instead. The criterion amounts to discounted utilitarianism on non-decreasing streams, but it treats all generations impartially: discounting becomes the mere expression of intergenerational inequality aversion. We show that more inequality averse ERDU societies have higher social discount rates when future generations are better-off. We apply the ERDU approach in two benchmark economic growth models and prove that it promotes sustainable policies that maximize discounted utilitarian welfare. |
| Item Description: | Literaturangaben. - Zusätzliches Online-Angebot unter www.SSRN.com, www.RePEc.org und www.CESifo-group.org/wp |
| Physical Description: | 35 S. 21 cm |
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| id | DE-604.BV036806897 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T22:48:40Z |
| institution | BVB |
| language | English |
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| physical | 35 S. 21 cm |
| psigel | ebook |
| publishDate | 2010 |
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| publisher | CESifo |
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| series | CESifo working papers |
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| spelling | Zuber, Stéphane Verfasser (DE-588)129704962 aut Justifying social discounting the rank-discounted utilitarian approach Stéphane Zuber ; Geir B. Asheim Munich CESifo 2010 35 S. 21 cm txt rdacontent n rdamedia nc rdacarrier CESifo working papers 3192 : Category 2, Public choice Literaturangaben. - Zusätzliches Online-Angebot unter www.SSRN.com, www.RePEc.org und www.CESifo-group.org/wp The discounted utilitarian criterion for infinite horizon social choice has been criticized for treating generations unequally. We propose an extended rank-discounted utilitarian (ERDU) criterion instead. The criterion amounts to discounted utilitarianism on non-decreasing streams, but it treats all generations impartially: discounting becomes the mere expression of intergenerational inequality aversion. We show that more inequality averse ERDU societies have higher social discount rates when future generations are better-off. We apply the ERDU approach in two benchmark economic growth models and prove that it promotes sustainable policies that maximize discounted utilitarian welfare. Asheim, Geir B. Verfasser (DE-588)170239039 aut CESifo working papers 3192 : Category 2, Public choice (DE-604)BV013978326 3192 http://www.cesifo-group.de/portal/pls/portal/docs/1/1185236.PDF Verlag kostenfrei Volltext |
| spellingShingle | Zuber, Stéphane Asheim, Geir B. Justifying social discounting the rank-discounted utilitarian approach CESifo working papers |
| title | Justifying social discounting the rank-discounted utilitarian approach |
| title_auth | Justifying social discounting the rank-discounted utilitarian approach |
| title_exact_search | Justifying social discounting the rank-discounted utilitarian approach |
| title_full | Justifying social discounting the rank-discounted utilitarian approach Stéphane Zuber ; Geir B. Asheim |
| title_fullStr | Justifying social discounting the rank-discounted utilitarian approach Stéphane Zuber ; Geir B. Asheim |
| title_full_unstemmed | Justifying social discounting the rank-discounted utilitarian approach Stéphane Zuber ; Geir B. Asheim |
| title_short | Justifying social discounting |
| title_sort | justifying social discounting the rank discounted utilitarian approach |
| title_sub | the rank-discounted utilitarian approach |
| url | http://www.cesifo-group.de/portal/pls/portal/docs/1/1185236.PDF |
| volume_link | (DE-604)BV013978326 |
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