Advanced Search
MyIDEAS: Login to save this paper or follow this series

Infinite-horizon choice functions

Contents:

Author Info

  • Asheim, Geir B.

    ()
    (Dept. of Economics, University of Oslo)

  • Bossert, Walter

    ()
    (D´epartement de Sciences Economiques and CIREQ, Universit´e de Montr´eal)

  • Sprumont, Yves

    ()
    (D´epartement de Sciences Economiques and CIREQ, Universit´e de Montr´eal)

  • Suzumura, Kotaro

    ()
    (Institute of Economic Research, Hitotsubashi University)

Abstract

We analyze infinite-horizon choice functions within the setting of a simple linear technology. Time consistency and efficiency are characterized by stationary consumption and inheritance functions, as well as a transversality condition. In addition, we consider the equity axioms Suppes-Sen, Pigou-Dalton, and resource monotonicity. We show that Suppes-Sen and Pigou-Dalton imply that the consumption and inheritance functions are monotone with respect to time—thus justifying sustainability—while resource monotonicity implies that the consumption and inheritance functions are monotone with respect to the resource. Examples illustrate the characterization results.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.sv.uio.no/econ/english/research/unpublished-works/working-papers/pdf-files/2006/Memo-17-2006.pdf
Download Restriction: no

Bibliographic Info

Paper provided by Oslo University, Department of Economics in its series Memorandum with number 17/2006.

as in new window
Length: 24 pages
Date of creation: 15 May 2006
Date of revision:
Handle: RePEc:hhs:osloec:2006_017

Contact details of provider:
Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
Phone: 22 85 51 27
Fax: 22 85 50 35
Email:
Web page: http://www.oekonomi.uio.no/indexe.html
More information through EDIRC

Related research

Keywords: Intergenerational resource allocation; infinite-horizon choice;

Other versions of this item:

Find related papers by JEL classification:

This paper has been announced in the following NEP Reports:

References

References listed on IDEAS
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.:
as in new window
  1. Asheim, Geir B. & Buchholz, Wolfgang & Tungodden, Bertil, 2001. "Justifying Sustainability," Journal of Environmental Economics and Management, Elsevier, vol. 41(3), pages 252-268, May.
  2. Bossert, Walter & Sprumont, Yves & Suzumura, Kotaro, 2007. "Ordering infinite utility streams," Journal of Economic Theory, Elsevier, vol. 135(1), pages 579-589, July.
  3. William Thomson, 2007. "Fair Allocation Rules," RCER Working Papers 539, University of Rochester - Center for Economic Research (RCER).
  4. Chiaki Hara & Tomoichi Shinotsuka & Kotaro Suzumura & Yongsheng Xu, 2008. "Continuity and egalitarianism in the evaluation of infinite utility streams," Social Choice and Welfare, Springer, Springer, vol. 31(2), pages 179-191, August.
  5. Kaushik Basu & Tapan Mitra, 2003. "Aggregating Infinite Utility Streams with InterGenerational Equity: The Impossibility of Being Paretian," Econometrica, Econometric Society, Econometric Society, vol. 71(5), pages 1557-1563, 09.
  6. BOSSERT, Walter & SUZUMURA, Kotaro, 2006. "A Characterization of Consistent Collective Choice Rules," Cahiers de recherche, Centre interuniversitaire de recherche en économie quantitative, CIREQ 09-2006, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  7. Mitra, Tapan, 1979. "On the Value Maximizing Property of Infinite Horizon Efficient Programs," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 20(3), pages 635-42, October.
  8. Basu, Kaushik & Mitra, Tapan, 2007. "Utilitarianism for infinite utility streams: A new welfare criterion and its axiomatic characterization," Journal of Economic Theory, Elsevier, vol. 133(1), pages 350-373, March.
  9. Bossert, Walter & Sprumont, Yves & Suzumura, Kotaro, 2002. "Consistent Rationalizability," Discussion Paper, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University 82, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  10. Asheim, Geir B. & Tungodden, Bertil, 2005. "A new equity condition for infinite utility streams and the possibility of being Paretian," Memorandum, Oslo University, Department of Economics 08/2005, Oslo University, Department of Economics.
  11. Geir Asheim & Bertil Tungodden, 2004. "Resolving distributional conflicts between generations," Economic Theory, Springer, Springer, vol. 24(1), pages 221-230, 07.
  12. Asheim, G.B., 1989. "Unjust Intergenerational Allocations," Papers, Norwegian School of Economics and Business Administration- 09-89, Norwegian School of Economics and Business Administration-.
  13. Cass, D & Yaari, M E, 1971. "Present Values Playing the Role of Efficiency Prices in the One-Good Growth Model," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 38(115), pages 331-39, July.
  14. Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 81, Cowles Foundation for Research in Economics, Yale University.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Alcantud, José Carlos R. & García-Sanz, María D., 2010. "Evaluations of infinite utility streams: Pareto-efficient and egalitarian axiomatics," MPRA Paper 20133, University Library of Munich, Germany.
  2. Ram Dubey & Tapan Mitra, 2013. "On the nature of Suppes–Sen maximal paths in an aggregative growth model," Social Choice and Welfare, Springer, Springer, vol. 40(1), pages 173-205, January.
  3. José Alcantud, 2009. "Conditional ordering extensions," Economic Theory, Springer, Springer, vol. 39(3), pages 495-503, June.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:hhs:osloec:2006_017. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Rhiana Bergh-Seeley).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.