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Rawlsian Intergenerational Justice as a Markov-Perfect Equilibrium in a Resource Technology

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  • Geir B. Asheim

Abstract

The Rawlsian maximin criterion is combined with nonpaternalistic altruistic preferences in a nonrenewable resource technology. The maximin programme is shown to be time-inconsistent for a subset of initial conditions. A solution to this intergenerational conflict is found, under a given assumption, as a generically unique subgame-perfect equilibrium.

Suggested Citation

  • Geir B. Asheim, 1988. "Rawlsian Intergenerational Justice as a Markov-Perfect Equilibrium in a Resource Technology," Review of Economic Studies, Oxford University Press, vol. 55(3), pages 469-483.
  • Handle: RePEc:oup:restud:v:55:y:1988:i:3:p:469-483.
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    File URL: http://hdl.handle.net/10.2307/2297396
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    Cited by:

    1. Avouyi-Dovi, S. & Matheron, J. & Fève, P., 2007. "DSGE models and their importance to central banks," Quarterly selection of articles - Bulletin de la Banque de France, Banque de France, issue 09, pages 25-46, Autumn.
    2. Bazhanov, Andrei V., 2013. "Constant-utility paths in a resource-based economy," Resource and Energy Economics, Elsevier, vol. 35(3), pages 342-355.
    3. Asheim, Geir B. & Mitra, Tapan, 2010. "Sustainability and discounted utilitarianism in models of economic growth," Mathematical Social Sciences, Elsevier, vol. 59(2), pages 148-169, March.
    4. John E. Roemer, 1996. "Equality versus Progress," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 23, pages 47-54.
    5. Geir B. Asheim, 1997. "Individual and Collective Time-Consistency," Review of Economic Studies, Oxford University Press, vol. 64(3), pages 427-443.
    6. Alvarez-Cuadrado, Francisco & Van Long, Ngo, 2009. "A mixed Bentham-Rawls criterion for intergenerational equity: Theory and implications," Journal of Environmental Economics and Management, Elsevier, vol. 58(2), pages 154-168, September.
    7. Figuières, Charles & Long, Ngo Van & Tidball, Mabel, 2017. "The MBR intertemporal choice criterion and Rawls’ just savings principle," Mathematical Social Sciences, Elsevier, vol. 85(C), pages 11-22.
    8. Toman, Michael & Pezzey, John C., 2002. "The Economics of Sustainability: A Review of Journal Articles," Discussion Papers dp-02-03, Resources For the Future.
    9. Geir B. Asheim & Wolfgang Buchholz, 2004. "A General Approach to Welfare Measurement through National Income Accounting," Scandinavian Journal of Economics, Wiley Blackwell, vol. 106(2), pages 361-384, June.
    10. repec:eee:jetheo:v:176:y:2018:i:c:p:444-478 is not listed on IDEAS
    11. Geir B. Asheim, 2017. "Sustainable growth," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 49(3), pages 825-848, December.
    12. Graciela Chichilnisky, 1996. "An axiomatic approach to sustainable development," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 13(2), pages 231-257, April.
    13. Geir B. Asheim, 1996. "Ethical preferences in the presence of resource constraints," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 23, pages 55-67.
    14. Endress, Lee H. & Roumasset, James A. & Zhou, Ting, 2005. "Sustainable growth with environmental spillovers," Journal of Economic Behavior & Organization, Elsevier, vol. 58(4), pages 527-547, December.
    15. Blackman, Allen & Mathis, Mitchell & Nelson, Peter, 2001. "The Greening of Development Economics: A Survey," Discussion Papers 10662, Resources for the Future.
    16. James A Roumasset & Lee H Endress, 2000. "Sustainable Development Without Constraints," Working Papers 200009, University of Hawaii at Manoa, Department of Economics.
    17. Knapp, Keith C., 2006. "Recursive Sustainability: Intertemporal Efficiency and Equity," 2006 Annual meeting, July 23-26, Long Beach, CA 21472, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    18. Chichilnisky, Graciela, 2009. "Avoiding extinction: equal treatment of the present and the future," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 3, pages 1-25.
    19. Blackman, Allen & Nelson, Per-Kristian & Mathis, Mitchell, 2001. "The Greening of Development Economics: A Survey," Discussion Papers dp-01-08, Resources For the Future.
    20. repec:eee:ecolec:v:143:y:2018:i:c:p:286-293 is not listed on IDEAS
    21. Ngo Long, 2011. "Dynamic Games in the Economics of Natural Resources: A Survey," Dynamic Games and Applications, Springer, vol. 1(1), pages 115-148, March.
    22. Urmee Khan & Maxwell B Stinchcombe, 2016. "Planning for the Long Run: Programming with Patient, Pareto Responsive Preferences," Working Papers 201608, University of California at Riverside, Department of Economics.
    23. Alvaro Rodriguez, 1990. "Maximin growth paths with recursive preferences: A complete characterization," Journal of Economics, Springer, vol. 52(3), pages 233-251, October.

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