This 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, infinite horizon extensions of leximin and of utilitarianism are characterized by adding an equity preference axiom and finite translation-scale measurability, respectively, to strong Pareto and finite anonymity.
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Paper provided by Centre interuniversitaire de recherche en économie quantitative, CIREQ in its series Cahiers de recherche with number
12-2004.
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.:
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.
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