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Intergenerational and International Discounting

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  • Thomas C. Schelling

Abstract

A discount rate for the consumption of future generations is typically composed of two parts. One is a “pure” time preference for immediate over postponed consumption, the other a declining marginal utility as consumption increases. The costs of greenhouse abatement, however, for at least the first 50 years, will be borne by the developed countries; the benefits will accrue to the presently undeveloped. Pure time preference always relates to one's own consumption; it has no relevance here. Consumption transfers over time will be from richer to poorer, from lower to higher marginal utility. It is a foreign aid program and it ought to have to compete with more direct foreign aid, which can benefit the very poor rather than their much‐better‐off descendants.

Suggested Citation

  • Thomas C. Schelling, 2000. "Intergenerational and International Discounting," Risk Analysis, John Wiley & Sons, vol. 20(6), pages 833-838, December.
    • Handle: RePEc:wly:riskan:v:20:y:2000:i:6:p:833-838
    DOI: 10.1111/0272-4332.206076
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    Cited by:

    1. Anthoff, David & Tol, Richard S.J., 2010. "On international equity weights and national decision making on climate change," Journal of Environmental Economics and Management, Elsevier, vol. 60(1), pages 14-20, July.
    2. Jason G. Matheny, 2007. "Reducing the Risk of Human Extinction," Risk Analysis, John Wiley & Sons, vol. 27(5), pages 1335-1344, October.
    3. Richard S. J. Tol, 2009. "The Economic Effects of Climate Change," Journal of Economic Perspectives, American Economic Association, vol. 23(2), pages 29-51, Spring.
    4. Preston Greene, 2024. "Social bias, not time bias," Politics, Philosophy & Economics, , vol. 23(1), pages 100-121, February.

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