rule of thumb for present/future trade-offs. We should always be willing to give up a discrete benefit today if in return we can create a sufficiently long string of well-being increases for the future. Yet the criterion does not specify any single numerical or universally applicable discount rate. We can write the following: The Overtaking Criterion: A sequence g∞ = (b1, b2, …) is preferred to h∞ = (a1, a2, …) if one sequence, at some point in time, remains systematically higher than the other.
How we should make decisions. Pick the path that has the best longer term output repeating
