Working paper: 'Discounting under disagreement'
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Geoffrey Heal and Antony Millner: "A group of time consistent agents has access to a common productive resource stock whose output provides their consumption needs. The agents disagree about the appropriate pure rate of time preference to use when choosing a consumption policy, and thus delegate the management of the resource to a social planner who allocates consumption eciently across individuals and over time. We show that the planner's optimal policy is equivalent to that of a representative agent with a time varying rate of impatience."