| 来源类型 | External Publications |
| 规范类型 | 其他 |
| Discounting and the representative median agent | |
| Johannes Emmerling; Ben Groom; Tanja Wettingfeld | |
| 发表日期 | 2017 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We derive a simple formula for the social discount rate (SDR) that uses the median, rather than average agent of the economy to reflect the consequences of consumption growth on income inequality. Under reasonable assumptions, the difference between the growth of median and mean incomes is used to adjust the wealth-effect in the standard Ramsey rule. In a plausible special case the representative agent has the median income. With inequality aversion elasticity of 2 (1.5, 1), the U.K. and U.S. SDR would be 1% (0.5%, 0.25%) lower than the standard Ramsey rule. This reflects two decades of inequality-increasing growth and implies greater weight placed on future generations in public appraisal. |
| URL | https://www.feem.it/en/publications/external-publications/discounting-and-the-representative-median-agent/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/118731 |
| 推荐引用方式 GB/T 7714 | Johannes Emmerling,Ben Groom,Tanja Wettingfeld. Discounting and the representative median agent. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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