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Infinite-horizon choice functions

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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)

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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.

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

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

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Postal: Department of Economics, University of Oslo, P.O Box 1095 Blindern, N-0317 Oslo, Norway
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Related research
Keywords: Intergenerational resource allocation; infinite-horizon choice;

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Find related papers by JEL classification:
D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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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.:
  1. Geir Asheim & Bertil Tungodden, 2004. "Resolving distributional conflicts between generations," Economic Theory, Springer, vol. 24(1), pages 221-230, 07. [Downloadable!] (restricted)
  2. Asheim, Geir B. & Tungodden, Bertil, 2005. "A new equity condition for infinite utility streams and the possibility of being Paretian," Memorandum 08/2005, Oslo University, Department of 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. Asheim, Geir B., 1991. "Unjust intergenerational allocations," Journal of Economic Theory, Elsevier, vol. 54(2), pages 350-371, August. [Downloadable!] (restricted)
    Other versions:
  5. William Thomson, 2007. "Fair Allocation Rules," RCER Working Papers 539, University of Rochester - Center for Economic Research (RCER). [Downloadable!]
  6. 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. [Downloadable!] (restricted)
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  7. Bossert, Walter & Sprumont, Yves & Suzumura, Kotaro, 2007. "Ordering infinite utility streams," Journal of Economic Theory, Elsevier, vol. 135(1), pages 579-589, July. [Downloadable!] (restricted)
  8. Walter Bossert & Yves Sprumont & Kotaro Suzumura, 2005. "Consistent Rationalizability," Economica, London School of Economics and Political Science, vol. 72(286), pages 185-200, 05. [Downloadable!] (restricted)
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  9. Asheim, Geir B. & Buchholz, Wolfgang & Tungodden, Bertil, 2001. "Justifying Sustainability," Journal of Environmental Economics and Management, Elsevier, vol. 41(3), pages 252-268, May. [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. José Alcantud, 2009. "Conditional ordering extensions," Economic Theory, Springer, vol. 39(3), pages 495-503, June. [Downloadable!] (restricted)
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