a welfare representation in the form of a sum of discounted total utilities. We find that a consumption …) and Laibson (1997) correspond to quasi-exponential altruism towards one's future selves. For ß=1/2, the welfare weights … selves. More generally, we establish a functional equation which relates welfare weights to consumption-utility weights. We …

welfare weights are exponential, while for ß<1/2 they are biased in favor of the current self, and for ß>1/2 in favor of one …'s future selves. More generally, we establish a functional equation which relates welfare weights to instantaneous …

such factors. Consequently, trade liberalization will have dynamic effects on output and welfare as the economy moves to … appears to be quite large. The welfare impact of this dynamic effect is also measurable. The size of this dynamic gain from …

the privatization. The two key mechanisms explaining the results are: (i) a government owner keeping control takes into …

This paper studies privatization policy in an international oligopoly. The argument that equal treatment of foreign … investors will be detrimental to domestic welfare by shifting profits from domestic to foreign firms is shown to be less … relevant in privatization auctions than in greenfield FDI models, since these profit shifts are partly paid for by the foreign …