We consider a collective model of a household in which each member has a utility function satisfying the weak separability condition. We show that the separability at the individual level carries over to the household level and that the allocation of private goods in any Pareto-efficient...

The possibility of non-constant discounting is important in environmental and resource management problems where current decisions affect welfare in the far-distant future, as with climate change. The difficulty of analyzing models with non-constant discounting limits their application. We...

Myopia is important in environmental and resource management problems because they often involve intertemporal decisions over a long time horizon. We present a parsimonious extension of a standard dynamic programming equation in a continuous time and continuous state setting, which enables rich...