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Generalized time-invariant overtaking

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  • ASHEIM, Geir B.
  • d’ASPREMONT, Claude

    (Université catholique de Louvain (UCL). Center for Operations Research and Econometrics (CORE))

  • BANERJEE, Kuntal

Abstract

We present a new version of the overtaking criterion, which we call generalized time invariant overtaking. The generalized time-invariant overtaking criterion (on the space of infinite utility streams) is defined by extending proliferating sequences of complete and transitive binary relations defined on finite dimensional spaces. The paper presents a general approach that can be specialized to at least two, extensively researched examples, the utilitarian and the leximin orderings on a finite dimensional Euclidean space.

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File URL: http://www.uclouvain.be/cps/ucl/doc/core/documents/coredp2008_65.pdf
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Bibliographic Info

Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2008065.

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Date of creation: 01 Nov 2008
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Handle: RePEc:cor:louvco:2008065

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Keywords: intergenerational justice; utilitarianism; leximin.;

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References

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  1. 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.
  2. Toyotaka Sakai, 2010. "Intergenerational equity and an explicit construction of welfare criteria," Social Choice and Welfare, Springer, vol. 35(3), pages 393-414, September.
  3. Lauwers, Luc & Vallentyne, Peter, 2004. "Infinite Utilitarianism: More Is Always Better," Economics and Philosophy, Cambridge University Press, vol. 20(02), pages 307-330, October.
  4. Geir Asheim & Bertil Tungodden, 2004. "Resolving distributional conflicts between generations," Economic Theory, Springer, vol. 24(1), pages 221-230, 07.
  5. Basu, Kaushik & Mitra, Tapan, 2003. "Utilitarianism for Infinite Utility Streams: A New Welfare Criterion and Its Axiomatic Characterization," Working Papers 03-05, Cornell University, Center for Analytic Economics.
  6. Bossert, Walter & Sprumont, Yves & Suzumura, Kotaro, 2007. "Ordering infinite utility streams," Journal of Economic Theory, Elsevier, vol. 135(1), pages 579-589, July.
  7. Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation for Research in Economics, Yale University.
  8. d'Aspremont, Claude & Gevers, Louis, 1977. "Equity and the Informational Basis of Collective Choice," Review of Economic Studies, Wiley Blackwell, vol. 44(2), pages 199-209, June.
  9. d’ASPREMONT, Claude & GEVERS, Louis, 2001. "Social welfare functionals and interpersonal comparability," CORE Discussion Papers 2001040, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  10. Svensson, Lars-Gunnar, 1980. "Equity among Generations," Econometrica, Econometric Society, vol. 48(5), pages 1251-56, July.
  11. Zame, William R., 2007. "Can intergenerational equity be operationalized?," Theoretical Economics, Econometric Society, vol. 2(2), June.
  12. d’ASPREMONT, Claude, . "Formal welfarism and intergenerational equity," CORE Discussion Papers RP -2047, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  13. Hammond, Peter J, 1976. "Equity, Arrow's Conditions, and Rawls' Difference Principle," Econometrica, Econometric Society, vol. 44(4), pages 793-804, July.
  14. Basu, Kaushik & Mitra, Tapan, 2005. "Possibility Theorems for Aggregating Infinite Utility Streams Equitably," Working Papers 05-05, Cornell University, Center for Analytic Economics.
  15. Kohei Kamaga & Takashi Kojima, 2010. "On the leximin and utilitarian overtaking criteria with extended anonymity," Social Choice and Welfare, Springer, vol. 35(3), pages 377-392, September.
  16. 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.
  17. Fleurbaey, Marc & Michel, Philippe, 2003. "Intertemporal equity and the extension of the Ramsey criterion," Journal of Mathematical Economics, Elsevier, vol. 39(7), pages 777-802, September.
  18. Kamaga, Kohei & Kojima, Takashi, 2008. "Q-anonymous social welfare relations on infinite utility streams," PIE/CIS Discussion Paper 391, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  19. Hammond, Peter J, 1979. "Equity in Two Person Situations: Some Consequences," Econometrica, Econometric Society, vol. 47(5), pages 1127-35, September.
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Citations

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Cited by:
  1. Jonsson, Adam & Voorneveld, Mark, 2014. "The limit of discounted utilitarianism," Working Paper Series in Economics and Finance 748, Stockholm School of Economics, revised 24 Apr 2014.
  2. Marcus Pivato, 2014. "Additive representation of separable preferences over infinite products," Theory and Decision, Springer, vol. 77(1), pages 31-83, June.
  3. Michele Lombardi & Roberto Veneziani, 2009. "Liberal Egalitarianism and the Harm Principle," Working Papers 649, Queen Mary, University of London, School of Economics and Finance.
  4. Geir B. Asheim & Stéphane Zuber, 2011. "A Complete and Strongly Anonymous Leximin Relation on Infinite Streams," CESifo Working Paper Series 3578, CESifo Group Munich.
  5. Geir B. Asheim & Kuntal Banerjee, 2009. "Fixed-step anonymous overtaking and catching-up," Working Papers 09001, Department of Economics, College of Business, Florida Atlantic University.
  6. 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.
  7. Alain Ayong Le Kama & Thai Ha-Huy & Coung Le Van & Katheline Schubert, 2013. "A Never-decisive and Anonymous Criterion for Optimal Growth Models," Working Papers 2013-002, Department of Research, Ipag Business School.
  8. Alcantud, José Carlos R., 2013. "Fuzzy sets from the ethics of social preferences," MPRA Paper 53549, University Library of Munich, Germany.
  9. Mariotti, Marco & Veneziani, Roberto, 2012. "Allocating chances of success in finite and infinite societies: The utilitarian criterion," Journal of Mathematical Economics, Elsevier, vol. 48(4), pages 226-236.
  10. Luc Lauwers, 2012. "Intergenerational equity, efficiency, and constructibility," Economic Theory, Springer, vol. 49(2), pages 227-242, February.
  11. repec:ipg:wpaper:2 is not listed on IDEAS

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