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Intergenerational equity and stationarity

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Abstract

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 à la Koopmans (1960) affects this result. After proving a possibility theorem for this case, we demonstrate that stationarity imposes strong restrictions on the extendability of the finite anonymity axiom.

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  • Stefano Demichelis & Tapan Mitra & Gerhard Sorger, 2010. "Intergenerational equity and stationarity," Vienna Economics Papers vie1003, University of Vienna, Department of Economics.
    • Handle: RePEc:vie:viennp:vie1003
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    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

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