Before revision:  We apply this basic insight to valuation of long-term social discount rates . Combining the Ramsey optimal growth framework with the marginal-utility approach and the Verhulst logistic model, we demonstrate that inevitable slowing down of consumption growth leads to a declining long-term tail of the discount curve. This dynamic effect becomes stronger than the well-known "precautionary" effect related to uncertainty of a social planer in future growth rates of consumption in the relatively near future, which has been estimated here as about 100 years from now (the lower boundary).
After revision:  We apply this basic insight to valuation of long-term social discount rates . Combining the Ramsey optimal growth framework with the marginal-utility approach and the Verhulst logistic model, we demonstrate that inevitable slowing down of consumption growth leads to a declining long-term tail of a social planer in future growth rates of consumption in the relatively near future, which has been estimated here as about 100 years from now (the lower boundary).