  Let \(\{C^*(t)\}\) be the solution of Ramsey Mark III. Heuristically it is useful to imagine that there is a DM at each date. The measure of intergenerational well-being for the DM at date \(t\) is the \(V(t)\) of equation (4). Notice that the ethical views of the successive DMs are congruent with one another. There is thus no need for the DMs to draw up an “intergenerational contract”. The DM at every date will want to choose the level of consumption it deems to be optimum, aware that succeeding DMs will choose in accordance with what she had planned for them. In modern game theoretic parlance, Ramsey’s optimum consumption stream \(\{C^*(t)\}\) is a “non-cooperative” (Nash) equilibrium among the DMs.