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 …

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 …