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Impossibilities of Paretian Social Welfare Functions for Infinite Utility Streams with Distributive Equity

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  • Sakamoto, Norihito
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    Abstract

    This paper examines the logical relationship between distributive equity and efficiency in aggregating infinite utility streams. Our main results show that there exist social welfare functions which satisfy the axioms of Pigou-Dalton Transfer Principle and a weak version of efficiency, but there exists no social welfare function which satisfies all of the distributive equity requirements and Weak Pareto Principle at the same time. Thus, we can prove that no Paretian ranking can satisfy the numerical representability and all of the distributive equity properties in the setting of intertemporal social choice.

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    File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/19290/1/070econDP11-09.pdf
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    Paper provided by Graduate School of Economics, Hitotsubashi University in its series Discussion Papers with number 2011-09.

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    Date of creation: Aug 2011
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    Handle: RePEc:hit:econdp:2011-09

    Note: This Version: August, 2011
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    1. Geir Asheim & Bertil Tungodden, 2004. "Resolving distributional conflicts between generations," Economic Theory, Springer, Springer, vol. 24(1), pages 221-230, 07.
    2. Alcantud, José Carlos R., 2010. "Inequality averse criteria for evaluating infinite utility streams: The impossibility of Weak Pareto," MPRA Paper 27618, University Library of Munich, Germany.
    3. Luc Lauwers, 1997. "Continuity and equity with infinite horizons," Social Choice and Welfare, Springer, Springer, vol. 14(2), pages 345-356.
    4. Alcantud, José Carlos R., 2010. "The compromise efficiency vs. egalitarianism among generations with an infinite horizon," MPRA Paper 22284, University Library of Munich, Germany.
    5. 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.
    6. Hara, Chiaki & Shinotsuka, Tomoichi & Suzumura, Kotaro & Xu, Yongsheng, 2007. "On the Possibility of Continuous, Paretian and Egalitarian Evaluation of Infinite Utility Streams," Discussion Paper, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University 322, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
    7. 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.
    8. Toyotaka Sakai, 2003. "An axiomatic approach to intergenerational equity," Social Choice and Welfare, Springer, Springer, vol. 20(1), pages 167-176.
    9. Geir B. Asheim, 2010. "Intergenerational Equity," Annual Review of Economics, Annual Reviews, Annual Reviews, vol. 2(1), pages 197-222, 09.
    10. Svensson, Lars-Gunnar, 1980. "Equity among Generations," Econometrica, Econometric Society, Econometric Society, vol. 48(5), pages 1251-56, July.
    11. Toyotaka Sakai, 2006. "Equitable Intergenerational Preferences on Restricted Domains," Social Choice and Welfare, Springer, Springer, vol. 27(1), pages 41-54, August.
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    Cited by:
    1. Alcantud, José Carlos R., 2011. "The impossibility of social evaluations of infinite streams with strict inequality aversion," MPRA Paper 33716, University Library of Munich, Germany.

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