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Equity between overlapping generations

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  • John Quiggin

    ()
    (Department of Economics, University of Queensland)

Abstract

This note is a demonstration that, in the presence of overlapping generations and under standard conditions for a social welfare ordering (Pareto optimality, transitivity, independence), the only ordering consistent with utilitarianism for all people currently alive at any given point in time is one based on weighting all people equally, regardless of their date of birth. In particular, this implies that, under reasonable conditions, the appropriate choice for the pure rate of social time preference is equal to zero.

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Bibliographic Info

Paper provided by Risk and Sustainable Management Group, University of Queensland in its series Climate Change Working Papers with number WPC08_1.

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Date of creation: Jun 2008
Date of revision: Jun 2008
Handle: RePEc:rsm:climte:c08_1

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Keywords: climate change;

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References

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  1. Mehra, Rajnish & Prescott, Edward C., 1985. "The equity premium: A puzzle," Journal of Monetary Economics, Elsevier, vol. 15(2), pages 145-161, March.
  2. William D. Nordhaus, 2007. "A Review of the Stern Review on the Economics of Climate Change," Journal of Economic Literature, American Economic Association, vol. 45(3), pages 686-702, September.
  3. Schelling, Thomas C, 1995. "Intergenerational discounting," Energy Policy, Elsevier, vol. 23(4-5), pages 395-401.
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Cited by:
  1. Quiggin, John, 2011. "Stabilizing the global climate: A simple and robust benefit cost analysis," Risk and Sustainable Management Group Working Papers 152097, University of Queensland, School of Economics.
  2. Nicholas Stern, 2013. "Ethics, equity and the economics of climate change. Paper 2: Economics and Politics," Grantham Research Institute on Climate Change and the Environment Working Papers 84b, Grantham Research Institute on Climate Change and the Environment.
  3. repec:lsg:lsgwps:wp84 is not listed on IDEAS

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