The Malleability of Undiscounted Utilitarianism as a Criterion of Intergenerational Justice
AbstractDiscounting future utilities is often justified by the ethically motivated objective of protecting earlier generations from the excessive saving that seems to be implied by undiscounted utilitarianism in productive economies. We question this justification of discounting by showing that undiscounted utilitarianism has sufficient malleability within important classes of technologies: any efficient and non-decreasing allocation can be the unique optimum according to an undiscounted utilitarian criterion for some choice of utility function. Copyright The London School of Economics and Political Science 2003.
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Bibliographic InfoArticle provided by London School of Economics and Political Science in its journal Economica.
Volume (Year): 70 (2003)
Issue (Month): 279 (08)
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Other versions of this item:
- Geir B. Asheim & Wolfgang Buchholz, 2000. "The Malleability of Undiscounted Utilitarianism as a Criterion of Intergenerational Justice," CESifo Working Paper Series 392, CESifo Group Munich.
- Asheim,G.B. & Buchholz,W., 2000. "The malleability of undiscounted utilitarianism as a criterion of intergenerational justice," Memorandum 37/2000, Oslo University, Department of Economics.
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- Q32 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - Exhaustible Resources and Economic Development
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