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Non-constant Discounting, Social Welfare and Endogenous Growth with Pollution Externalities

机译：非持续折扣，社会福利和内源性增长与污染外部性

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摘要

We analyze the effect of non-constant discounting on economic growth and social welfare in an endogenous growth model with pollution externalities. For time-consistent agents, who play a game against their future selves, the balanced growth equilibrium is compared to the case of standard exponential discounting. A decaying instantaneous discount rate leads to slower growth in a centralized economy, while its effect for a competitive economy is ambiguous. Interestingly, when comparing the planned and the competitive equilibria, the assumption of non-constant discounting may imply greater social welfare in the market equilibrium under two conditions. First, the pollution externality on utility must be large with respect to the externality on production, so that the central planner slows down growth below the growth rate in the market economy. Secondly, individuals' degree of impatience should decrease sharply with the time distance from the present. Concerning policy implications, we observe that under log-utility policies may not be necessary, while for an isoelastic utility with an elasticity lower than one, introducing policy instruments is less effective than under constant discounting.
机译：我们分析了污染外部性内源性增长模型对经济增长和社会福利的非持续折扣的影响。对于为未来自我发挥游戏的时间一致的代理商而言，与标准指数折扣的情况相比，平衡的成长均衡。腐朽的瞬时折扣率导致集中经济增长较慢，而其对竞争性经济的影响是含糊不清的。有趣的是，在比较计划和竞争性均衡时，非持续折扣的假设可能意味着在两个条件下市场均衡的社会福利更大。首先，涉及外部性的污染外部性必须很大，因此中央规划人员减缓了市场经济增长率低于增长率的增长。其次，个人急转程度应该随着时间距离而急剧下降。关于政策影响，我们观察到，在日志实用政策下可能没有必要，同时对于具有低于1的弹性的异形效果，介绍政策仪器比不断折扣在不断折扣下。

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