The Cross‐Sectional Implications of the Social Discount Rate
研究了社会贴现率与代际权衡的关系，发现关心未来意味着减少对老年人的关注，且贴现率与市场利率的微小差异会显著影响不同年龄群体消费的相对价值。
In this paper, I consider two normative questions: (1) how should policymakers approach tradeoffs that involve different age groups, and (2) at what rate should policymakers discount the consumption of future generations? I demonstrate that, under standard assumptions, these two questions are equivalent: caring more about the future means caring less about the elderly. Even small differences between the social discount rate and the market interest rate can have significant quantitative implications for the relative value placed on the consumption of different age groups.