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Intergenerational equity and stationarity

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We consider quasi-orderings of infinite utility streams satisfying the strong Pareto axiom (i.e., Paretian quasi-orderings) and study the question of how strong a notion of intergenerational equity one can impose on these quasi-orderings without generating an impossibility theorem. Building on a result by Mitra and Basu (2007), we first show that there exist many possible extensions of the finite anonymity axiom that are satisfied by some Paretian quasiordering. Then we study how the additional requirement of stationarity `a la Koopmans (1960) affects this result. After proving a possibility theorem for this case, we demonstrate that stationarityimposes strong restrictions on the extendability of the finite anonymity axiom.

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File URL: http://homepage.univie.ac.at/Papers.Econ/RePEc/vie/viennp/vie1003.pdf
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Paper provided by University of Vienna, Department of Economics in its series Vienna Economics Papers with number 1003.

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Date of creation: Mar 2010
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Handle: RePEc:vie:viennp:1003

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Web page: http://www.univie.ac.at/vwl

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