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Sustainable recursive social welfare functions

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Author Info
Asheim, Geir B. () (Dept. of Economics, University of Oslo)
Mitra, Tapan () (Department of Economics, Cornell University)
Tungodden, Bertil () (Department of Economics, Norwegian School of Economics and Business Administration and Chr. Michelsen Institute,)

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Abstract

Koopmans’s (Econometrica 28, 287–309) axiomatization of discounted utilitarianism is based on seemingly compelling conditions, yet this criterion leads to hard-to-justify outcomes. The present analysis considers a class of sustainable recursive social welfare functions within Koopmans’s general framework. This class is axiomatized by means of a weak new equity condition (“Hammond Equity for the Future”) and general existence is established. Any member of the class satisfies the key axioms of Chichilnisky’s (Social Choice and Welfare 13, 231–257) “sustainable preferences”. The analysis singles out one of Koopmans’s original conditions as particularly questionable from an ethical perspective.

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Publisher Info
Paper provided by Oslo University, Department of Economics in its series Memorandum with number 18/2006.

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Length: 32 pages
Date of creation: 10 Jul 2006
Date of revision:
Handle: RePEc:hhs:osloec:2006_018

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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
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Related research
Keywords: Intergenerational justice; sustainability; discounted utilitarianism;

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
Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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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. 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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  2. Atkinson, Anthony B, 2001. "The Strange Disappearance of Welfare Economics," Kyklos, Blackwell Publishing, vol. 54(2-3), pages 193-206.
  3. Asheim, Geir B., 1991. "Unjust intergenerational allocations," Journal of Economic Theory, Elsevier, vol. 54(2), pages 350-371, August. [Downloadable!] (restricted)
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  4. 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. [Downloadable!]
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  5. Hammond, Peter J, 1976. "Equity, Arrow's Conditions, and Rawls' Difference Principle," Econometrica, Econometric Society, vol. 44(4), pages 793-804, July. [Downloadable!] (restricted)
  6. 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.
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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. Mabrouk, Mohamed, 2006. "Allais-anonymity as an alternative to the discounted-sum criterion in the calculus of optimal growth I: Consensual optimality," MPRA Paper 10512, University Library of Munich, Germany. [Downloadable!]
  2. MERTENS, Jean-Franois & RUBINCHIK, Anna, 2006. "Intergenerational equity and the discount rate for cost-benefit analysis," CORE Discussion Papers 2006091, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
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