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dc.contributor.authorCreedy, Johnen_US
dc.contributor.authorGuest, Rossen_US
dc.date.accessioned2017-04-24T08:29:47Z
dc.date.available2017-04-24T08:29:47Z
dc.date.issued2008en_US
dc.date.modified2009-03-03T22:28:27Z
dc.identifier.issn00130249en_US
dc.identifier.doi10.1111/j.1475-4932.2008.00450.xen_AU
dc.identifier.urihttp://hdl.handle.net/10072/21590
dc.description.abstractThis paper provides an analytical review of the evaluation of alternative time streams of consumption and the closely related concept of time preference. The potential sensitivity of comparisons, especially to the choice of time preference rate and elasticity of marginal valuation, is demonstrated. The nature of time preference, based on an axiomatic approach, is then discussed. The analysis of optimisation over time leads to the concept of the social time preference rate, and a difficulty with using this rate is highlighted. Approaches giving rise to declining discount rates over time are discussed, including alternative welfare functions and the role of uncertainty. This is followed by a critique of methods used to 'estimate' a time preference rate. Finally, complications introduced by non-income differences between individuals are examined. Emphasis is placed on the central role of value judgements.en_US
dc.description.peerreviewedYesen_US
dc.description.publicationstatusYesen_AU
dc.format.extent350822 bytes
dc.format.mimetypeapplication/pdf
dc.languageEnglishen_US
dc.language.isoen_AU
dc.publisherBlackwellen_US
dc.publisher.placeNew Jerseyen_US
dc.publisher.urihttp://www.wiley.com/bw/journal.asp?ref=0013-0249en_AU
dc.relation.ispartofstudentpublicationNen_AU
dc.relation.ispartofpagefrom109en_US
dc.relation.ispartofpageto127en_US
dc.relation.ispartofissue264en_US
dc.relation.ispartofjournalEconomic Recorden_US
dc.relation.ispartofvolume84en_US
dc.rights.retentionYen_AU
dc.subject.fieldofresearchcode340208en_US
dc.titleDiscounting and the Time Preference Rateen_US
dc.typeJournal articleen_US
dc.type.descriptionC1 - Peer Reviewed (HERDC)en_US
dc.type.codeC - Journal Articlesen_US
gro.rights.copyrightCopyright 2008 Blackwell Publishing. This is the author-manuscript version of the paper. Reproduced in accordance with the copyright policy of the publisher. The definitive version is available at www.interscience.wiley.comen_AU
gro.date.issued2008
gro.hasfulltextFull Text


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