Stationary Utility and Time Perspective
Tjalling C. Koopmans
Peter A. Diamond
Richard E. Williamson
This paper extends an earlier study by one of the authors. A set of postulates concerning a utility function of an infinite consumption program implies the existence of a utility scale such that postponement of each of two programs by the same time delay cannot increase, and generally diminishes, the difference of their utilities. This property of "time perspective" allows previous results concerning "impatience" to be extended and generalized.