We analyze the role of "the" utility discount rate and its implications to generation-specific and societal altruism and egoism, respectively, in a neoclassical framework. It is worked out clearly, that two different utility discount rates have to be distinguished: An (inverse)...

We examine Singapore's fairly homogeneous private-housing market and show that new apartments on historical multi-century leases trade at a non-zero discount relative to property owned in perpetuity. Descriptive regressions indicate that new apartments with 825 to 986 years of tenure remaining...