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Intergenerational equity and an explicit construction of welfare criteria

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Author Info
Sakai, Toyotaka

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Abstract

Ranking infinite utility streams includes many impossibility results, most involving certain Pareto, anonymity, or continuity requirements. We introduce the concept of the future agreement extension, a method that explicitly extends orderings on finite time horizon to an infinite time horizon. The future agreement extension of given orderings is quasi-transitive, complete, and pairwisely continuous. Furthermore, it is a subrelation of any other pairwisely continuous extension of the orderings. In case of anonymous and strongly Paretian orderings, their future agreement extension is variable step anonymous and strongly Paretian. Characterizations of the future agreement extensions of the utilitarian and leximin orderings are obtained as applications.

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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/15913/1/pie_dp395.pdf
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Publisher Info
Paper provided by Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University in its series PIE/CIS Discussion Paper with number 395.

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Length: 22 p.
Date of creation: Aug 2008
Date of revision:
Handle: RePEc:hit:piecis:395

Note: August 19, 2008
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Web page: http://cis.ier.hit-u.ac.jp/
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Related research
Keywords: Future agreement extension; Variable step anonymity; Intergenerational equity; Infinite generations; Diamond's impossibility theorem;

Find related papers by JEL classification:
D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
D60 - Microeconomics - - Welfare Economics - - - General

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. Geir B. Asheim & Claude d’Aspremont & Kuntal Banerjee, 2008. "Generalized time-invariant overtaking," Working Papers 08004, Department of Economics, College of Business, Florida Atlantic University. [Downloadable!]
    Other versions:
  2. Geir B. Asheim & Kuntal Banerjee, 2009. "Fixed-step anonymous overtaking and catching-up," Working Papers 09001, Department of Economics, College of Business, Florida Atlantic University. [Downloadable!]
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This page was last updated on 2009-11-11.

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