Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262

Econometrica: Jan, 1964, Volume 32, Issue 1

Stationary Utility and Time Perspective<82:SUATP>2.0.CO;2-Y
p. 82-100

Peter A. Diamond, Richard E. Williamson, Tjalling C. Koopmans

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.

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