The theoretical basis and potential applicability of Kula's modified discounting method (1988) are reconsidered in this paper. A more general discounting model, labeled multigenerational value (MV), is derived from utilitarian principles. The equity implications of multigenerational discounting are analyzed, with mixed results. Variants ofMVare shown to be applicable to private investments, sequential decisions, public goods, and other contexts.
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William K. Bellinger (1991) studied this question.
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