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Utilitarianism for Infinite Utility Streams: A New Welfare Criterion and Its Axiomatic Characterization

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Basu, Kaushik (Cornell U)
Mitra, Tapan (Cornell U)

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Abstract

A definition of a utilitarian social welfare relation (SWR) for infinite utility streams is proposed. Such a relation is characterized in terms of the Pareto, Anonymity and Partial Unit Comparability Axioms. The merits of the utilitarian SWR, relative to the more restrictive SWR induced by the overtaking criterion, are examined.

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File URL: http://www.arts.cornell.edu/econ/CAE/UFIUS20May2003.pdf
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Paper provided by Cornell University, Center for Analytic Economics in its series Working Papers with number 03-05.

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Date of creation: May 2003
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Handle: RePEc:ecl:corcae:03-05

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Find related papers by JEL classification:
D60 - Microeconomics - - Welfare Economics - - - General
D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
D90 - Microeconomics - - Intertemporal Choice and Growth - - - General

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  1. Sen, Amartya K, 1977. "On Weights and Measures: Informational Constraints in Social Welfare Analysis," Econometrica, Econometric Society, vol. 45(7), pages 1539-72, October. [Downloadable!] (restricted)
  2. Svensson, Lars-Gunnar, 1980. "Equity among Generations," Econometrica, Econometric Society, vol. 48(5), pages 1251-56, July. [Downloadable!] (restricted)
  3. Geir Asheim & Bertil Tungodden, 2004. "Resolving distributional conflicts between generations," Economic Theory, Springer, vol. 24(1), pages 221-230, 07. [Downloadable!] (restricted)
  4. Basu, Kaushik, 1983. "Cardinal utility, utilitarianism, and a class of invariance axioms in welfare analysis," Journal of Mathematical Economics, Elsevier, vol. 12(3), pages 193-206, December. [Downloadable!] (restricted)
  5. Luc Lauwers, 1996. "Rawlsian equity and generalised utilitarianism with an infinite population (*)," Economic Theory, Springer, vol. 9(1), pages 143-150.
  6. Asheim,G.B. & Buchholz,W. & Tungodden,B., 1999. "Justifying sustainability," Memorandum 08/1999, Oslo University, Department of Economics. [Downloadable!]
    Other versions:
  7. Maskin, Eric, 1978. "A Theorem on Utilitarianism," Review of Economic Studies, Blackwell Publishing, vol. 45(1), pages 93-96, February. [Downloadable!] (restricted)
  8. 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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  9. Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation, Yale University. [Downloadable!]
  10. Gerard Debreu, 1959. "Topological Methods in Cardinal Utility Theory," Cowles Foundation Discussion Papers 76, Cowles Foundation, Yale University. [Downloadable!]
  11. Blackorby, Charles & Donaldson, David & Weymark, John A, 1984. "Social Choice with Interpersonal Utility Comparisons: A Diagrammatic Introduction," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 25(2), pages 327-56, June.
  12. d'Aspremont, Claude & Gevers, Louis, 1977. "Equity and the Informational Basis of Collective Choice," Review of Economic Studies, Blackwell Publishing, vol. 44(2), pages 199-209, June. [Downloadable!] (restricted)
  13. Roberts, Kevin W S, 1980. "Interpersonal Comparability and Social Choice Theory," Review of Economic Studies, Blackwell Publishing, vol. 47(2), pages 421-39, January. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Geir B, ASHEIM & Claude, DÕASPREMONT & Kuntal, BANERJEE, 2008. "Generalized time-invariant overtaking," Discussion Papers (ECON - Département des Sciences Economiques) 2008044, Université catholique de Louvain, Département des Sciences Economiques. [Downloadable!]
    Other versions:
  2. Asheim, Geir B. & Bossert, Walter & Sprumont, Yves & Suzumura, Kotaro, 2006. "Infinite-horizon choice functions," Memorandum 17/2006, Oslo University, Department of Economics. [Downloadable!]
    Other versions:
  3. Mabrouk, Mohamed, 2008. "Translation invariance when utility streams are infinite and unbounded," MPRA Paper 18523, University Library of Munich, Germany, revised 01 Oct 2009. [Downloadable!]
  4. Asheim, Geir B. & Mitra, Tapan & Tungodden, Bertil, 2006. "Sustainable recursive social welfare functions," Memorandum 18/2006, Oslo University, Department of Economics. [Downloadable!]
  5. Claude, dÕASPREMONT, 2005. "Formal welfarism and intergenerational equity," Discussion Papers (ECON - Département des Sciences Economiques) 2005051, Université catholique de Louvain, Département des Sciences Economiques. [Downloadable!]
    Other versions:
  6. 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. [Downloadable!]
  7. Geir B. Asheim, 2005. "Intergenerational Ethics under Resource Constraints," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 141(III), pages 313-330, September. [Downloadable!]
  8. Kuntal Banerjee, 2006. "On the Extension of the Utilitarian and Suppes–Sen Social Welfare Relations to Infinite Utility Streams," Social Choice and Welfare, Springer, vol. 27(2), pages 327-339, October. [Downloadable!] (restricted)
  9. Mitra, Tapan, 2004. "Intergenerational Equity and the Forest Management Problem," Working Papers 04-17, Cornell University, Center for Analytic Economics. [Downloadable!]
  10. Mabrouk, Mohamed B.R., 2008. "Translation invariance when utility streams are infinite and unbounded," MPRA Paper 17664, University Library of Munich, Germany, revised 05 Oct 2009. [Downloadable!]
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