Articlebronze1991

Multigenerational value: modifying the modified discounting method

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Capital Investment and Risk Analysis Health Systems, Economic Evaluations, Quality of Life Economic and Environmental Valuation

Abstract

The theoretical basis and potential applicability of Kula's modified discounting method (1988) are reconsidered in this paper. A more general discounting model, labeled multigenerational value (MV), is derived from utilitarian principles. The equity implications of multigenerational discounting are analyzed, with mixed results. Variants ofMVare shown to be applicable to private investments, sequential decisions, public goods, and other contexts.

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n.d.A theory of justice original edition 2014The Theory of Moral Sentiments 1963The Social Rate of Discount and The Optimal Rate of Investment 1967On Optimal Development in a Multi-Sector Economy 1965Existence of Optimal Programs of Accumulation for an Infinite Time Horizon 1974On the Social Rate of Discount 1990Reassessing the government's discount rate policy in light of new theory and data in a world economy with a high degree of capital mobility 1984Derivation of Social Time Preference Rates for the United States and Canada

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