Valuing future life and future lives: a framework for understanding discounting

Abstract

This article offers a conceptual framework for separating the distinct theoretical concepts that are often confounded in discussions of discounting. Two distinctions are emphasized: (a) the difference between discounting a future outcome because it confers less utility and discounting future utility per se, and (b) the differences between discounting one’s own future utility and discounting the utility of others who will be alive in the future. Within this framework, I discuss and clarify the continuing controversy over discounting future life and future lives.