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@undercoverhist.bsky.social |
and I'm not sure what you mean by "prescriptive" here. The Ramsey formula is an "optimal condition", therefore a normative concept in the 1960s (and we argue, then it kinda becomes definitional in the IPCC chapter). Is it what you mean by prescriptive? or is it because of the welfare foundations...
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@undercoverhist.bsky.social
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... of the objective function (in which case, Pedro, my coauthor, had written a very extensive paper on the alternatives to maximizing a discounted sum of utilities that were around in the 1960s, which we use in that section of the paper papers.ssrn.com/sol3/papers.... )
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