Equity Between Overlapping Generations
AbstractThis note is a demonstration that, in the presence of overlapping generations and under standard conditions for a social welfare ordering (Pareto optimality, transitivity, independence), the only ordering consistent with utilitarianism for all people currently alive at any given point in time is one based on weighting all people equally, regardless of their date of birth. In particular, this implies that, under reasonable conditions, the appropriate choice for the pure rate of social time preference is equal to zero.
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Bibliographic InfoArticle provided by Association for Public Economic Theory in its journal Journal of Public Economic Theory.
Volume (Year): 14 (2012)
Issue (Month): 2 (03)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1097-3923
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Other versions of this item:
- Quiggin, John, 2008. "Equity between overlapping generations," Risk and Sustainable Management Group Working Papers 152091, University of Queensland, School of Economics.
- John Quiggin, 2008. "Equity between overlapping generations," Climate Change Working Papers WPC08_1, Risk and Sustainable Management Group, University of Queensland, revised Jun 2008.
- Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
- Q00 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - General
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Schelling, Thomas C, 1995. "Intergenerational discounting," Energy Policy, Elsevier, vol. 23(4-5), pages 395-401.
- Mehra, Rajnish & Prescott, Edward C., 1985.
"The equity premium: A puzzle,"
Journal of Monetary Economics,
Elsevier, vol. 15(2), pages 145-161, March.
- William D. Nordhaus, 2007. "A Review of the Stern Review on the Economics of Climate Change," Journal of Economic Literature, American Economic Association, vol. 45(3), pages 686-702, September.
- John Quiggin, 2012.
"Stabilizing the Global Climate: A Simple and Robust Benefit-Cost Analysis,"
American Journal of Agricultural Economics,
Agricultural and Applied Economics Association, vol. 94(2), pages 291-300.
- Quiggin, John, 2011. "Stabilizing the global climate: A simple and robust benefit cost analysis," Risk and Sustainable Management Group Working Papers 152097, University of Queensland, School of Economics.
- Nicholas Stern, 2013. "Ethics, equity and the economics of climate change. Paper 2: Economics and Politics," Grantham Research Institute on Climate Change and the Environment Working Papers 84b, Grantham Research Institute on Climate Change and the Environment.
- repec:lsg:lsgwps:wp84 is not listed on IDEAS
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