, Per-Olov Johansson
() and Karl-Gustaf Löfgren
Per-Olov Johansson: Dept. of Economics, Stockholm School of Economics, Postal: Stockholm School of Economics, P.O. Box 6501, 113 83 Stockholm, Sweden
Abstract: In this paper we derive an exact relationship between the net investment at a given point in time and future consumption plans. Our result is general in the sense that it neither requires a constant rate of time preference nor an exponential discount function. One interpretation of the result is in terms of the willingness to pay for net investments, while another interpretation relates to conditions for sustainability.
11 pages, March 1995
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