I believe that this is an income adjustment the paper does already perform (“We thus used growth-adjusted discounting determined by the Ramsey endogenous rule, with a range of values for the elasticity of marginal utility (μ) and the pure rate of time preference (ρ)”). So I did not do any further adjustment along these lines—only an adjustment accounting for differing present-day incomes.
I guess I’m concerned that if the scenario continues of less-developed countries catching up with developed countries that an adjustment based on differing present day incomes would be too strong. Have you tried contacting the authors to find out what they actually did?
I believe that this is an income adjustment the paper does already perform (“We thus used growth-adjusted discounting determined by the Ramsey endogenous rule, with a range of values for the elasticity of marginal utility (μ) and the pure rate of time preference (ρ)”). So I did not do any further adjustment along these lines—only an adjustment accounting for differing present-day incomes.
I guess I’m concerned that if the scenario continues of less-developed countries catching up with developed countries that an adjustment based on differing present day incomes would be too strong. Have you tried contacting the authors to find out what they actually did?