The Social Discount Rate
论证仁慈的社会规划者应比代表性个体更重视未来消费，并修正了拉姆齐增长模型中的修正黄金律，发现社会贴现率仅为私人贴现率的三分之一。
In welfare theory it is standard to pick the consumption stream that maximizes the welfare of the representative agent. We argue against this position, and show that a benevolent social planner will generally place a greater weight on future consumption than does the representative agent. We apply our framework to the standard Ramsay growth model, and show how the modi…ed golden rule must itself be modi…ed to …nd the socially optimal savings rate. In a focal case, the social discount rate is one third of the private discount rate. 1