Aggregating Infinite Utility Streams with InterGenerational Equity: The Impossibility of Being Paretian
AbstractIt has been known that, in aggregating infinite utility streams, there does not exist any social welfare function, which satisfies the axioms of Pareto, intergenerational equity, and continuity. We show that the impossibility result persists even without imposing the continuity axiom, and in frameworks allowing for more general domains of utilities than those used in the existing literature. Copyright The Econometric Society 2003.
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Bibliographic InfoArticle provided by Econometric Society in its journal Econometrica.
Volume (Year): 71 (2003)
Issue (Month): 5 (09)
Other versions of this item:
- 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.
- D00 - Microeconomics - - General - - - General
- D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
- D90 - Microeconomics - - Intertemporal Choice - - - 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.:
- Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation for Research in Economics, Yale University.
- Svensson, Lars-Gunnar, 1980. "Equity among Generations," Econometrica, Econometric Society, vol. 48(5), pages 1251-56, July.
- Basu Kaushik, 1994. "Group Rationality, Utilitarianism, and Escher's Waterfall," Games and Economic Behavior, Elsevier, vol. 7(1), pages 1-9, July.
- Sen, Amartya K, 1977. "On Weights and Measures: Informational Constraints in Social Welfare Analysis," Econometrica, Econometric Society, vol. 45(7), pages 1539-72, October.
- Stuart Burness, H., 1973. "Impatience and the preference for advancement in the timing of satisfactions," Journal of Economic Theory, Elsevier, vol. 6(5), pages 495-507, October.
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