Aggregation of Heterogeneous Time Preferences
研究消费者具有不同贴现因子（可能非指数型）的经济体，刻画了资源有效配置及分散化该配置的影子价格的性质，发现当所有成员具有恒定贴现率和递减绝对风险厌恶偏好时，代表性代理人的贴现率递减，且其不耐程度随人均GDP下降。
We examine an economy whose consumers have different discount factors for utility, possibly not exponential. We characterize the properties of efficient allocations of resources and of the shadow prices that would decentralize such allocations. We show in particular that the representative agent has a decreasing discount rate when, as is usually posited, all of a group's members have a constant discount rate and decreasing absolute risk aversion preferences. We also identify conditions that lead the representative agent to have a rate of impatience that decreases with gross domestic product per capita.