Sustainable recursive social welfare functions
AbstractKoopmansâs (Econometrica 28, 287â309) axiomatization of discounted utilitarianism is based on seemingly compelling conditions, yet this criterion leads to hard-to-justify outcomes. The present analysis considers a class of sustainable recursive social welfare functions within Koopmansâs general framework. This class is axiomatized by means of a weak new equity condition (âHammond Equity for the Futureâ) and general existence is established. Any member of the class satisfies the key axioms of Chichilniskyâs (Social Choice and Welfare 13, 231â257) âsustainable preferencesâ. The analysis singles out one of Koopmansâs original conditions as particularly questionable from an ethical perspective.
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 49 (2012)
Issue (Month): 2 (February)
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Web page: http://link.springer.de/link/service/journals/00199/index.htm
Other versions of this item:
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
- Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
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