What discount rate should be applied to social investments? It is standard to use the market interest rate, thereby respecting private preferences. We show that application of this “revealed preference” criterion rests on faith, not logic. It is justified only if preferences over all choices, including past choices, are time invariant. The conditions for this to be true are stringent. Under mor...

there is a long tradition in economics about the question of whether intergenerational discounting is fair or not. ramsey (1928) was the first economist that criticized the discounting and mentioned that the just rate of discounting is zero.  in this paper it was tried to calculate the just rate of discounting for iran with respect to islamic thoughts. according to islam, intergenerational just...

Abstract We study the problem of aggregating discounted utility preferences into a social preference model. use an axiom capturing responsibility individuals’ attitudes to time, called consensus Pareto. show that this can provide consistent foundations for welfare judgments. Moreover, in conjunction with standard axioms anonymity and continuity, Pareto help adjudicate some fundamental issues re...

There is a long tradition in economics about the question of whether intergenerational discounting is fair or not. Ramsey (1928) was the first economist that criticized the discounting and mentioned that the just rate of discounting is zero.  In this paper it was tried to calculate the just rate of discounting for Iran with respect to Islamic thoughts. According to Islam, intergenerational just...