Aggregation of Time Preferences and Comparability of Intergenerational Utilities

Wei Ma

Papers from arXiv.org

Abstract: Experimental evidence reveals that, in aggregating time preferences, a decision maker exhibits mild aversion to inequality across individuals' evaluations of a stream. Neither the utilitarian nor the maxmin aggregation rule can account for this finding. Building on principles concerning the comparability of intergenerational utilities and intergenerational fairness, this paper axiomatizes a family of aggregation rules that allow the decision maker to display varying degrees of inequality aversion. These rules fit well with experimental data.

Date: 2026-09
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