The Possibility of Ordering Infinite Utility Streams
AbstractThis paper revisits Diamond’s classical impossibility result regarding the ordering of infinite utility streams. We show that if no representability condition is imposed, there do exist strongly Paretian and finitely anonymous orderings of intertemporal utility streams with attractive additional properties. We extend a possibility theorem due to Svensson to a characterization theorem and we provide characterizations of all strongly Paretian and finitely anonymous rankings satisfying the strict transfer principle. In addition, infinitehorizon extensions of leximin and of utilitarianism are characterized by adding an equitypreference axiom and finite translation-scale measurability, respectively, to strong Pareto and finite anonymity.
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Bibliographic InfoPaper provided by Centre interuniversitaire de recherche en économie quantitative, CIREQ in its series Cahiers de recherche with number 12-2004.
Length: 18 pages
Date of creation: 2004
Date of revision:
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intergenerational justice; multi-period social choice; leximin; utilitarianism;
Other versions of this item:
- BOSSERT, Walter & SPRUMONT, Yves & SUZUMURA, Kotaro, 2004. "The Possibility of Ordering Infinite Utility Streams," Cahiers de recherche 2004-09, Universite de Montreal, Departement de sciences economiques.
- 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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2004-08-31 (All new papers)
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.:
- Basu, Kaushik & Mitra, Tapan, 2003.
"Aggregating Infinite Utility Streams with Inter-generational Equity: The Impossibility of Being Paretian,"
03-03, Cornell University, Center for Analytic Economics.
- 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.
- Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation for Research in Economics, Yale University.
- Svensson, Lars-Gunnar, 1980. "Equity among Generations," Econometrica, Econometric Society, vol. 48(5), pages 1251-56, July.
- Blackorby, Charles & Bossert, Walter & Donaldson, David, 2002. "Utilitarianism and the theory of justice," Handbook of Social Choice and Welfare, in: K. J. Arrow & A. K. Sen & K. Suzumura (ed.), Handbook of Social Choice and Welfare, edition 1, volume 1, chapter 11, pages 543-596 Elsevier.
- Basu, Kaushik & Mitra, Tapan, 2005. "Possibility Theorems for Aggregating Infinite Utility Streams Equitably," Working Papers 05-05, Cornell University, Center for Analytic Economics.
- 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.
- Claude, d’ASPREMONT, 2005.
"Formal welfarism and intergenerational equity,"
Discussion Papers (ECON - DÃ©partement des Sciences Economiques)
2005051, Université catholique de Louvain, Département des Sciences Economiques.
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