We defend a methodology of discounting, for the evaluation of the long-term effects of climate policies, which relies on a social welfare objective, against the view that the market rate of return should be used for that purpose. We also show that in the long run, the discount rate for such...

This paper introduces a life-cycle model where impatience, instead of being driven by an exogenous discount function, results from the combination of risk aversion and mortality risks. Opting for such a formulation provides novel views on the impact of longevity extension on welfare, saving...

Human beings are sure to die but do not know when they will die. This paper proposes a general formulation of life cycle theory that accounts for these two fundamental aspects of human life. We stress in particular the role of intertemporal correlation aversion which it is a key concept to...

We consider a formal approach to comparative risk aversion and applies it to intertemporal choice models. This allows us to ask whether standard classes of utility functions, such as those inspired by Kihlstrom and Mirman (1974), Selden (1978), Epstein and Zin (1989) and Quiggin (1982) are...

This paper introduces a life-cycle model where impatience, instead of being driven by an exogenous discount function, results from the combination of risk aversion and mortality risks. Opting for such a formulation provides novel views on the impact of longevity extension on welfare, saving...