Discussion Paper 137
Institute for Empirical Macroeconomics
Federal Reserve Bank of Minneapolis
90 Hennepin Avenue
Minneapolis, Minnesota 55480-0291
January 2001
The Social Discount Rate
Andrew Caplin*
New York University
John Leahy*
Boston University
ABSTRACT __________________________________________________________________________
In welfare theory it is standard to pick the consumption stream that maximizes the welfare of the representative agent. We argue against this position, and show that a benevolent social planner will generally
place a greater weight on future consumption than does the representative agent.
_____________________________________________________________________________________
*We thank Andy Abel, Marco Basseto, Susanto Basu, Gary Becker, Ed Glaeser, Jeffrey Campbell, Jean-Jacques Laffont, David Laibson, Robert Lucas Jr., Casey Mulligan, Barry Nalebuff, Mario Rizzo, Nancy Stokey, Robert Solow,
and Lars Svensson for helpful comments and discussions. Caplin thanks the C. V. Starr Center at NYU and Leahy
thanks the National Science Foundation for financial support. The views expressed herein are those of the authors
and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System.
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ôíôeë
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2f•í2fHë
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