Showing papers by "Kenneth J. Arrow published in 1965"
1,240 citations
TL;DR: In this article, an elementary exposition of choice criteria for social investment is presented, and the two causes for discounting the future benefits, time preference and opportunity cost, are discussed.
Abstract: An elementary exposition of choice criteria for social investment is presented. The two causes for discounting the future benefits, time preference and opportunity cost, are discussed. The general reasons for special methods of measuring benefits are brought out. The subsequent discussion is a more detailed analysis of the application of these general principles, together with some remarks on the measurement of costs.
80 citations