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Translation invariance when utility streams are infinite and unbounded

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  • Mabrouk, Mohamed

Abstract

The axiom translation invariance consists in asserting the invariance of the ranking of two utility streams if one applies the same translation to both. This axiom is significant in the characterization of utilitarian criteria in finite dimension. This characterization is achieved thanks to the "weak weighted utilitarianism theorem".The objective here is to propose a generalization of this theorem in a space of infinite and unbounded utility streams. A consequence of the suggested generalization is that, in the context of intergenerational choice, every maximal point with respect to a paretian utilitarian order granting comparable considerations to the present and the future, is also a maximal point with respect to some future-oriented criterion.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 18523.

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Date of creation: 04 Nov 2008
Date of revision: 01 Oct 2009
Handle: RePEc:pra:mprapa:18523

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Keywords: Translation invariance; Infinite utility streams; Utilitarianism; Intergenerational equity;

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  1. LE VAN, Cuong & SAGLAM, Cagri, 2003. "Optimal growth models and the Lagrange multiplier," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 2003083, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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  5. d'Aspremont, Claude & Gevers, Louis, 2002. "Social welfare functionals and interpersonal comparability," Handbook of Social Choice and Welfare, Elsevier, in: K. J. Arrow & A. K. Sen & K. Suzumura (ed.), Handbook of Social Choice and Welfare, edition 1, volume 1, chapter 10, pages 459-541 Elsevier.
  6. Basu, Kaushik & Mitra, Tapan, 2005. "On the Existence of Paretian Social Welfare Relations for Infinite Utility Streams with Extended Anonymity," Working Papers, Cornell University, Center for Analytic Economics 05-06, Cornell University, Center for Analytic Economics.
  7. Basu, Kaushik & Mitra, Tapan, 2003. "Utilitarianism for Infinite Utility Streams: A New Welfare Criterion and Its Axiomatic Characterization," Working Papers, Cornell University, Center for Analytic Economics 03-05, Cornell University, Center for Analytic Economics.
  8. M. Fleurbaey & P. Michel, 1997. "Intertemporal equity and the extension of the Ramsey criterion," THEMA Working Papers 97-11, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  9. Svensson, Lars-Gunnar, 1980. "Equity among Generations," Econometrica, Econometric Society, Econometric Society, vol. 48(5), pages 1251-56, July.
  10. Lauwers, Luc & Vallentyne, Peter, 2004. "Infinite Utilitarianism: More Is Always Better," Economics and Philosophy, Cambridge University Press, vol. 20(02), pages 307-330, October.
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