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Evaluations of infinite utility streams: Pareto-efficient and egalitarian axiomatics

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  • Alcantud, José Carlos R.
  • García-Sanz, María D.

Abstract

Two factors influence the resolution of the conflict among infinite generations: the consistency/ethical postulates requested; and the utilities that each generation can possess. We contribute to qualifying the Basu-Mitra approach to this problem, that concerns social welfare functions. Firstly we examine efficiency and strengthened forms of Hammond Equity for the Future both when the feasible utilities are [0,1] and natural numbers. This complements Banerjee (Economics Letters, 2006) and Alcantud and Garcia- Sanz (Economics Letters, 2010). Secondly, we analyze the possibility of combining Pareto-efficiency and the spirit of the Hammond Equity principle for both specfications of the feasible utilities. Here the case study is richer since we analyze four different versions of this principle. We conclude that the Anonymity, Hammond Equity for the Future, and Hammond Equity ethics can be combined with weak specifications of the Pareto postulate at a time even through explicit social welfare functions.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 20133.

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Date of creation: 12 Jan 2010
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Handle: RePEc:pra:mprapa:20133

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Keywords: Social welfare function; Equity; Pareto axiom; intergenerational justice;

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References

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  1. Basu, Kaushik & Mitra, Tapan, 2003. "Aggregating Infinite Utility Streams with Inter-generational Equity: The Impossibility of Being Paretian," Working Papers 03-03, Cornell University, Center for Analytic Economics.
  2. Michele Lombardi & Roberto Veneziani, 2009. "Liberal Egalitarianism and the Harm Principle," Global COE Hi-Stat Discussion Paper Series, Institute of Economic Research, Hitotsubashi University gd09-078, Institute of Economic Research, Hitotsubashi University.
  3. Toyotaka Sakai, 2003. "Intergenerational preferences and sensitivity to the present," Economics Bulletin, AccessEcon, vol. 4(26), pages 1-5.
  4. Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 81, Cowles Foundation for Research in Economics, Yale University.
  5. Lauwers, Luc, 2010. "Ordering infinite utility streams comes at the cost of a non-Ramsey set," Journal of Mathematical Economics, Elsevier, vol. 46(1), pages 32-37, January.
  6. Basu, Kaushik & Mitra, Tapan, 2005. "Possibility Theorems for Aggregating Infinite Utility Streams Equitably," Working Papers 05-05, Cornell University, Center for Analytic Economics.
  7. 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.
  8. ASHEIM, Geir B. & BOSSERT, Walter & SPRUMONT, Yves & SUZUMURA, Kotaro, 2006. "Infinite-Horizon Choice Functions," Cahiers de recherche, Centre interuniversitaire de recherche en économie quantitative, CIREQ 05-2006, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  9. Marco Mariotti & Roberto Veneziani, 2009. "‘Non-interference’ implies equality," Social Choice and Welfare, Springer, Springer, vol. 32(1), pages 123-128, January.
  10. Asheim, Geir B. & Mitra, Tapan & Tungodden, Bertil, 2006. "Sustainable recursive social welfare functions," Memorandum, Oslo University, Department of Economics 18/2006, Oslo University, Department of Economics.
  11. Toyotaka Sakai, 2010. "Intergenerational equity and an explicit construction of welfare criteria," Social Choice and Welfare, Springer, Springer, vol. 35(3), pages 393-414, September.
  12. Alcantud, José Carlos R. & García-Sanz, María D., 2007. "Paretian evaluation of infinite utility streams: an egalitarian criterion," MPRA Paper 6324, University Library of Munich, Germany.
  13. Svensson, Lars-Gunnar, 1980. "Equity among Generations," Econometrica, Econometric Society, Econometric Society, vol. 48(5), pages 1251-56, July.
  14. Toyotaka Sakai, 2006. "Equitable Intergenerational Preferences on Restricted Domains," Social Choice and Welfare, Springer, Springer, vol. 27(1), pages 41-54, August.
  15. repec:ebl:ecbull:v:4:y:2003:i:26:p:1-5 is not listed on IDEAS
  16. Basu, Kaushik & Mitra, Tapan, 2005. "On the Existence of Paretian Social Welfare Relations for Infinite Utility Streams with Extended Anonymity," Working Papers 05-06, Cornell University, Center for Analytic Economics.
  17. Hammond, Peter J, 1976. "Equity, Arrow's Conditions, and Rawls' Difference Principle," Econometrica, Econometric Society, Econometric Society, vol. 44(4), pages 793-804, July.
  18. Michele Lombardi & Roberto Veneziani, 2009. "Liberal Principles for Social Welfare Relations in Infinitely-Lived Societies," Working Papers, Queen Mary, University of London, School of Economics and Finance 650, Queen Mary, University of London, School of Economics and Finance.
  19. Banerjee, Kuntal, 2006. "On the equity-efficiency trade off in aggregating infinite utility streams," Economics Letters, Elsevier, Elsevier, vol. 93(1), pages 63-67, October.
  20. Asheim, Geir B. & Tungodden, Bertil, 2005. "A new equity condition for infinite utility streams and the possibility of being Paretian," Memorandum, Oslo University, Department of Economics 08/2005, Oslo University, Department of Economics.
  21. Bossert, Walter & Sprumont, Yves & Suzumura, Kotaro, 2007. "Ordering infinite utility streams," Journal of Economic Theory, Elsevier, Elsevier, vol. 135(1), pages 579-589, July.
  22. Geir Asheim & Bertil Tungodden, 2004. "Resolving distributional conflicts between generations," Economic Theory, Springer, Springer, vol. 24(1), pages 221-230, 07.
  23. Zame, William R., 2007. "Can intergenerational equity be operationalized?," Theoretical Economics, Econometric Society, Econometric Society, vol. 2(2), June.
  24. Luc Lauwers, 1996. "Rawlsian equity and generalised utilitarianism with an infinite population (*)," Economic Theory, Springer, Springer, vol. 9(1), pages 143-150.
  25. Lauwers, Luc, 1998. "Intertemporal objective functions: Strong pareto versus anonymity," Mathematical Social Sciences, Elsevier, Elsevier, vol. 35(1), pages 37-55, January.
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Citations

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Cited by:
  1. Alcantud, José Carlos R., 2010. "Inequality averse criteria for evaluating infinite utility streams: The impossibility of Weak Pareto," MPRA Paper 27618, University Library of Munich, Germany.
  2. Sakai, Toyotaka, 2008. "Intergenerational equity and an explicit construction of welfare criteria," PIE/CIS Discussion Paper, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University 395, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  3. Sakamoto, Norihito, 2011. "Impossibilities of Paretian Social Welfare Functions for Infinite Utility Streams with Distributive Equity," Discussion Papers 2011-09, Graduate School of Economics, Hitotsubashi University.
  4. Sakamoto, Norihito, 2012. "Impossibilities Of Paretian Social Welfare Functions For Infinite Utility Streams With Distributive Equity," Hitotsubashi Journal of Economics, Hitotsubashi University, Hitotsubashi University, vol. 53(2), pages 121-130, December.

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