Journal ArticleDOI
The mathematical theory of saving
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Discounting of long-term costs: What would future generations prefer us to do?
TL;DR: In this article, the authors proposed a two-step discounting procedure, with the conventional social discount rate for the short term (about 30 years) and the growth rate of the economy for the long term.
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Foundations of Dynamic Economic Analysis: Optimal Control Theory and Applications
TL;DR: In this paper, the authors define necessary and sufficient conditions for a general class of control problems, including linear optimal control problems and isoperimetric control problems with one state variable and one control variable.
Journal ArticleDOI
The Elasticity of Marginal Utility of Consumption: Estimates for 20 OECD Countries*
TL;DR: In this paper, a critical review of existing evidence on e suggests that the UK Treasury's preferred value of unity is too low and that, on average, for developed countries e is close to 1.4.
Journal ArticleDOI
The Growth of Nations
TL;DR: The authors assess what we now know about economic growth and present their own views as cogently as they can on what we know about the growth of nations, as well as their own view on the reasons for these differences.
Journal ArticleDOI
Climate Economics: A Meta-Review and Some Suggestions for Future Research
TL;DR: In this paper, the authors explore the models and the possible parameter valuations of the Stern Review of the Economics of Climate Change (Stern Review) and find that a lot has been learned from the outpouring of literature as a result of the review.