We analyze infinite-horizon choice functions within the setting of a simple technology. Efficiency and time consistency 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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Paper provided by Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University in its series PIE/CIS Discussion Paper with number
379.
Length: 23 p. Date of creation: Jun 2008 Date of revision: Handle: RePEc:hit:piecis:379
Note: This version: January 23, 2008, An earlier version of the paper was presented at Seoul National University, Victoria University of Wellington, the University of Auckland, the 2005 polarization and conflict conference in Milan, the 2006 workshop on intergenerational resource allocation in Montréal and the University of New South Wales. Contact details of provider: Web page: http://cis.ier.hit-u.ac.jp/ More information through EDIRC
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Asheim, Geir B. & Bossert, Walter & Sprumont, Yves & Suzumura, Kotaro, 2006.
"Infinite-horizon choice functions,"
Memorandum
17/2006, Oslo University, Department of Economics.
[Downloadable!]
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
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.:
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)
Other versions:
Bossert, W. & Sprumont, Y. & Suzumura, K., 2002.
"Consistent Rationalizability,"
Cahiers de recherche
12-2002, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
[Downloadable!]
Bossert, Walter & Sprumont, Yves & Suzumura, Kotaro, 2002.
"Consistent Rationalizability,"
Discussion Paper
82, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
[Downloadable!]
BOSSERT, Walter & SPRUMONT, Yves & SUZUMURA, Kotaro, 2002.
"Consistent Rationalizability,"
Cahiers de recherche
2002-12, Universite de Montreal, Departement de sciences economiques.
[Downloadable!]
Asheim,G.B. & Buchholz,W. & Tungodden,B., 1999.
"Justifying sustainability,"
Memorandum
08/1999, Oslo University, Department of Economics.
[Downloadable!]
Asheim, G.B. & Buchholz, W. & Tungodden, B., 1999.
"Justifying Sustainability,"
Papers
5/99, Norwegian School of Economics and Business Administration-.
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