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On the foundations of intertemporal choice

Ferejohn, John A. and Page, Talbot (1978) On the foundations of intertemporal choice. American Journal of Agricultural Economics, 60 (1). pp. 269-275. ISSN 0002-9092. doi:10.2307/1240059.

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In this paper, we consider intertemporal choice from an axiomatic perspective. By doing so, it is possible to discuss intertemporal choice rules in terms of the properties that characterize them. The long term hope of this approach is to interpret and select intertemporal choice rules that satisfy some axioms describing fairness of efficiency. Concepts of fairness often reduce symmetry requirements on the choice procedures and the axiomatic level is a useful one for considering alternative symmetry conditons. In the long run this approach may yield a more explicit idea of what is meant and what can be meant by the term intertemporal equity. Our purposes in this paper are more modest; they are, first, to establish the structural framework and reinterpret some previous results within this intertemporal choice context and, then, to show that, in a surprisingly strong fashion, the discounting rule fails a test of fairness.

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Additional Information:© 1978 American Agricultural Economics Association. The papers in the "Proceedings" Section were presented at the winter meeting of the AAEA, held in conjunction with the American Economic Association in New York City on 28-30 December 1977. Formerly SSWP 196.
Series Name:Proceedings on Contemporary Issues in Natural Resource Economics
Issue or Number:1
Record Number:CaltechAUTHORS:20171201-170636456
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:83647
Deposited By: Jacquelyn Bussone
Deposited On:03 Jan 2018 00:40
Last Modified:15 Nov 2021 20:12

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