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Evaluations of Infinite Utility Streams: Pareto Efficient and Egalitarian Axiomatics

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  • José Carlos R. Alcantud
  • María D. García-Sanz

Abstract

Two factors influence the resolution of the conflict among infinite generations: the consistency/ethical postulates requested; and the utilities that each generation can possess. We contribute to qualifying the Basu-Mitra approach to this problem, that concerns social welfare functions. Firstly we examine efficiency and strengthened forms of Hammond Equity for the Future both when the feasible utilities are [0,1] and natural numbers. This complements Banerjee (Economics Letters, 2006) and Alcantud and Garcia- Sanz (Economics Letters, 2010). Secondly, we analyze the possibility of combining Pareto-efficiency and the spirit of the Hammond Equity principle for both specfications of the feasible utilities. Here the case study is richer since we analyze four different versions of this principle. We conclude that the Anonymity, Hammond Equity for the Future, and Hammond Equity ethics can be combined with weak specifications of the Pareto postulate at a time even through explicit social welfare functions.

(This abstract was borrowed from another version of this item.)

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File URL: http://hdl.handle.net/10.1111/meca.12012
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Bibliographic Info

Article provided by Wiley Blackwell in its journal Metroeconomica.

Volume (Year): 64 (2013)
Issue (Month): 3 (07)
Pages: 432-447

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Handle: RePEc:bla:metroe:v:64:y:2013:i:3:p:432-447

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References

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  1. Sakai, Toyotaka, 2008. "Intergenerational equity and an explicit construction of welfare criteria," PIE/CIS Discussion Paper 395, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  2. Bossert, Walter & Sprumont, Yves & Suzumura, Kotaro, 2007. "Ordering infinite utility streams," Journal of Economic Theory, Elsevier, vol. 135(1), pages 579-589, July.
  3. Asheim, Geir B. & Bossert, Walter & Sprumont, Yves & Suzumura, Kotaro, 2008. "Infinite-horizon choice functions," PIE/CIS Discussion Paper 379, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  4. Michele Lombardi & Roberto Veneziani, 2009. "Liberal Egalitarianism and the Harm Principle," Working Papers 649, Queen Mary, University of London, School of Economics and Finance.
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  7. Alcantud, José C.R. & García-Sanz, María D., 2010. "Paretian evaluation of infinite utility streams: An egalitarian criterion," Economics Letters, Elsevier, vol. 106(3), pages 209-211, March.
  8. Luc Lauwers, 1996. "Rawlsian equity and generalised utilitarianism with an infinite population (*)," Economic Theory, Springer, vol. 9(1), pages 143-150.
  9. Zame, William R., 2007. "Can intergenerational equity be operationalized?," Theoretical Economics, Econometric Society, vol. 2(2), June.
  10. Banerjee, Kuntal, 2006. "On the equity-efficiency trade off in aggregating infinite utility streams," Economics Letters, Elsevier, vol. 93(1), pages 63-67, October.
  11. Toyotaka Sakai, 2006. "Equitable Intergenerational Preferences on Restricted Domains," Social Choice and Welfare, Springer, vol. 27(1), pages 41-54, August.
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  14. Hammond, Peter J, 1976. "Equity, Arrow's Conditions, and Rawls' Difference Principle," Econometrica, Econometric Society, vol. 44(4), pages 793-804, July.
  15. Toyotaka Sakai, 2003. "Intergenerational preferences and sensitivity to the present," Economics Bulletin, AccessEcon, vol. 4(26), pages 1-5.
  16. Asheim, Geir B. & Mitra, Tapan & Tungodden, Bertil, 2006. "Sustainable recursive social welfare functions," Memorandum 18/2006, Oslo University, Department of Economics.
  17. Marco Mariotti & Roberto Veneziani, 2009. "‘Non-interference’ implies equality," Social Choice and Welfare, Springer, vol. 32(1), pages 123-128, January.
  18. Basu, Kaushik & Mitra, Tapan, 2005. "Possibility Theorems for Aggregating Infinite Utility Streams Equitably," Working Papers 05-05, Cornell University, Center for Analytic Economics.
  19. Luc LAUWERS, 2009. "Ordering infinite utility streams comes at the cost of a non-Ramsey set," Center for Economic Studies - Discussion papers ces09.05, Katholieke Universiteit Leuven, Centrum voor Economische Studiën.
  20. Asheim, Geir B. & Tungodden, Bertil, 2005. "A new equity condition for infinite utility streams and the possibility of being Paretian," Memorandum 08/2005, Oslo University, Department of Economics.
  21. Michele Lombardi & Roberto Veneziani, 2009. "Liberal Principles for Social Welfare Relations in Infinitely-Lived Societies," Working Papers 650, Queen Mary, University of London, School of Economics and Finance.
  22. Basu, Kaushik & Mitra, Tapan, 2003. "Aggregating Infinite Utility Streams with Inter-generational Equity: The Impossibility of Being Paretian," Working Papers 03-03, Cornell University, Center for Analytic Economics.
  23. Svensson, Lars-Gunnar, 1980. "Equity among Generations," Econometrica, Econometric Society, vol. 48(5), pages 1251-56, July.
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  25. Basu, Kaushik & Mitra, Tapan, 2005. "On the Existence of Paretian Social Welfare Relations for Infinite Utility Streams with Extended Anonymity," Working Papers 05-06, Cornell University, Center for Analytic Economics.
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Citations

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Cited by:
  1. Alcantud, José Carlos R., 2010. "Inequality averse criteria for evaluating infinite utility streams: The impossibility of Weak Pareto," MPRA Paper 27618, University Library of Munich, Germany.
  2. Sakamoto, Norihito, 2011. "Impossibilities of Paretian Social Welfare Functions for Infinite Utility Streams with Distributive Equity," Discussion Papers 2011-09, Graduate School of Economics, Hitotsubashi University.
  3. Sakamoto, Norihito, 2012. "Impossibilities Of Paretian Social Welfare Functions For Infinite Utility Streams With Distributive Equity," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 53(2), pages 121-130, December.
  4. Toyotaka Sakai, 2010. "Intergenerational equity and an explicit construction of welfare criteria," Social Choice and Welfare, Springer, vol. 35(3), pages 393-414, September.

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