Peer-Reviewed Journal Details
Mandatory Fields
Mintz-Woo K.
2019
April
Moral Philosophy And Politics
Principled Utility Discounting under Risk
Validated
Scopus: 1 ()
Optional Fields
climate change decision-making under risk discounted utilitarianism intergenerational justice overdemandingness utility discount rate
6
1
89
112
Utility discounting in intertemporal economic modelling has been viewed as problematic, both for descriptive and normative reasons. However, positive utility discount rates can be defended normatively; in particular, it is rational for future utility to be discounted to take into account model-independent outcomes when decision-making under risk. The resultant values will tend to be smaller than descriptive rates under most probability assignments. This also allows us to address some objections that intertemporal considerations will be overdemanding. A principle for utility discount rates is suggested which is rooted in probability discounting. Utility discounting is defended against objections from Parfit (1984) and Broome (2005); Broome (2012). A sample utility discount rate is estimated.
2194-5616
https://doi.org/10.1515/mopp-2018-0060
10.1515/mopp-2018-0060
Grant Details
Austrian Federal Ministry of Science and Research