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Patient Preferences, Intergenerational Equity, and the Precautionary Principle

Author

Listed:
  • Urmee Khan

    (Department of Economics, University of California Riverside)

  • Maxwell Stinchcombe

    (University of Texas, Austin)

Abstract

Patient preferences have a social welfare interpretation consonant with a belief that the society affected by present decisions will last for a very long time. In stochastic settings, these preferences lead to justifications for variants of the precautionary principle.

Suggested Citation

  • Urmee Khan & Maxwell Stinchcombe, 2014. "Patient Preferences, Intergenerational Equity, and the Precautionary Principle," Working Papers 201427, University of California at Riverside, Department of Economics.
    • Handle: RePEc:ucr:wpaper:201427
    as

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    File URL: https://economics.ucr.edu/repec/ucr/wpaper/201427.pdf
    File Function: First version, 2014
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    References listed on IDEAS

    as
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    2. Sethi, Gautam & Costello, Christopher & Fisher, Anthony & Hanemann, Michael & Karp, Larry, 2005. "Fishery management under multiple uncertainty," Journal of Environmental Economics and Management, Elsevier, vol. 50(2), pages 300-318, September.
    3. Marinacci, Massimo, 1998. "An Axiomatic Approach to Complete Patience and Time Invariance," Journal of Economic Theory, Elsevier, vol. 83(1), pages 105-144, November.
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    6. Lehrer Ehud & Monderer Dov, 1994. "Low Discounting and the Upper Long-Run Average Value in Dynamic Programming," Games and Economic Behavior, Elsevier, vol. 6(2), pages 262-282, March.
    7. Dutta, P.K., 1991. "What Do Discounted Optima Converge To? A Theory of Discount Rate Asymptotics in Economic Models," RCER Working Papers 264, University of Rochester - Center for Economic Research (RCER).
    Full references (including those not matched with items on IDEAS)

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