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Many areas of economics require the evaluation of time streams of costs and benefits. Societies face long-term phenomena affecting costs and benefits far into the future, such as demographic change and climate change. These present challenges for policy makers in planning inter-temporal consumption paths that balance the goals of efficiency and equity. An exploration of these issues, with respect to population ageing in particular, is the primary motivation for this book. This book evaluates these problems with a particular focus on the role of concepts, assumptions and value judgments.