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Equity between overlapping generations

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  • Quiggin, John

Abstract

This 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 Info

Paper provided by University of Queensland, School of Economics in its series Risk and Sustainable Management Group Working Papers with number 152091.

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Date of creation: Jun 2008
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Handle: RePEc:ags:uqsers:152091

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Keywords: climate change; Environmental Economics and Policy; Resource /Energy Economics and Policy; Q54; Q00;

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  1. Schelling, Thomas C, 1995. "Intergenerational discounting," Energy Policy, Elsevier, vol. 23(4-5), pages 395-401.
  2. R. Mehra & E. Prescott, 2010. "The equity premium: a puzzle," Levine's Working Paper Archive 1401, David K. Levine.
  3. 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.
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Cited by:
  1. repec:lsg:lsgwps:wp84 is not listed on IDEAS
  2. 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.
  3. 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.

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