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Standard consumption utility is linked in time to a consumption event, whereas the timing of prosocial utility flows is ambiguous. Prosocial utility may depend on the actual utility consequences for others - it is consequence-dated - or it may be related to the act of giving and is thus...
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The use of discretization in decision analysis allows practitioners to use only a few assessments to estimate the … certain equivalent (CE) or expected value of a decision without knowing the functional form of the distribution of each … mind. The discretizations are not formulated with the decision problem in mind. Each discretization is specific to one …
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The shortcomings of conventional discounting, especially in the context of long-run environmental problems, have been extensively discussed in the literature. Recently, hyperbolic discounting, i.e. discounting at declining instead of constant discount rates, has attracted a lot of interest among...
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