Abstract
Given a finite number of exponential discounting time preferences with at least two of them having distinct discount rates, Millner and Heal (2018) present a necessary and sufficient condition for their weighted utilitarian aggregation to be time consistent. We show by an example that the condition is sufficient but not necessary, and demonstrate that one possibility for making the condition necessary is to assume that all time preferences involved are associated with distinct discount rates.
Full Text 
Sign-in/Register to access full text options
Sign-in/Register to access full text options 
Published version (
Free)
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
