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The Axiomatic Approach to the Ranking of Infinite Streams

In: The Economics of the Global Environment

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  • Luc Lauwers

    (Katholieke Universiteit Leuven)

Abstract

The history of the axiomatic approach to the ranking of infinite streams starts with Koopmans (1960) characterization of the discounted utilitarian rule. This rule, however, meets Chichilnisky’s axiom of dictatorship of the present and puts future generations offside. Recently, Lauwers (2010a) and Zame (2007) have uncovered the impossibility to combine in a constructible way the requirements of equal treatment, sensitivity, and completeness. This contribution presents and discusses different axioms proposed to guide the ranking of infinite streams and the criteria they imply. The literature covered in this overview definitely points towards a set of meaningful alternatives to discounted utilitarianism.

Suggested Citation

  • Luc Lauwers, 2016. "The Axiomatic Approach to the Ranking of Infinite Streams," Studies in Economic Theory, in: Graciela Chichilnisky & Armon Rezai (ed.), The Economics of the Global Environment, pages 231-255, Springer.
    • Handle: RePEc:spr:steccp:978-3-319-31943-8_12
    DOI: 10.1007/978-3-319-31943-8_12
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    Cited by:

    1. Kitti, Mitri, 2018. "Sustainable social choice under risk," Mathematical Social Sciences, Elsevier, vol. 94(C), pages 19-31.

    More about this item

    Keywords

    D71; D81;

    JEL classification:

    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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