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On the impossibility of representing infinite utility streams

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Author Info
Juan A. Crespo ()
Carmelo Núñez ()
Juan Pablo Rincón-Zapatero ()

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Abstract

We show that, independently of the topology chosen on the set of all infinity utility streams, there is no Social Welfare Function preserving the von Weizsäcker’s overtaking criterion. With our proof we extend the impossibility result of Basu and Mitra.

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Paper provided by Universidad Carlos III, Departamento de Economía in its series Economics Working Papers with number we075530.

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Date of creation: Jun 2007
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Handle: RePEc:cte:werepe:we075530

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  1. Geir Asheim & Bertil Tungodden, 2004. "Resolving distributional conflicts between generations," Economic Theory, Springer, vol. 24(1), pages 221-230, 07. [Downloadable!] (restricted)
  2. 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. [Downloadable!]
  3. Kaushik Basu & Tapan Mitra, 2003. "Aggregating Infinite Utility Streams with InterGenerational Equity: The Impossibility of Being Paretian," Econometrica, Econometric Society, vol. 71(5), pages 1557-1563, 09. [Downloadable!] (restricted)
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  4. Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation, Yale University. [Downloadable!]
  5. Zame, William R., 2007. "Can intergenerational equity be operationalized?," Theoretical Economics, Society for Economic Theory, vol. 2(2), pages 187-202, June. [Downloadable!]
  6. Lauwers, Luc, 1998. "Intertemporal objective functions: Strong pareto versus anonymity," Mathematical Social Sciences, Elsevier, vol. 35(1), pages 37-55, January. [Downloadable!] (restricted)
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