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On social welfare functions on infinite utility streams satisfying Hammond Equity and Weak Pareto axioms: a complete characterization

Author

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  • Ram Sewak Dubey

    (Montclair State University)

  • Tapan Mitra

    (Cornell University)

Abstract

This paper examines the problem of aggregating infinite utility streams with a social welfare function that respects the Hammond Equity and Weak Pareto axioms. The paper provides a complete characterization of domains (of the one period utilities) on which such an aggregation is possible. A social welfare function satisfying the Hammond Equity and Weak Pareto axioms exists on precisely those domains which are well-ordered sets in which the elements of the set are ordered according to the decreasing magnitude of the numbers belonging to the set. We show through examples how this characterization can be applied to obtain a number of results in the literature, as well as some new ones.

Suggested Citation

  • Ram Sewak Dubey & Tapan Mitra, 2015. "On social welfare functions on infinite utility streams satisfying Hammond Equity and Weak Pareto axioms: a complete characterization," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(2), pages 169-180, October.
  • Handle: RePEc:spr:etbull:v:3:y:2015:i:2:d:10.1007_s40505-014-0039-3
    DOI: 10.1007/s40505-014-0039-3
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    References listed on IDEAS

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    1. Alcantud, José Carlos R., 2012. "Inequality averse criteria for evaluating infinite utility streams: The impossibility of Weak Pareto," Journal of Economic Theory, Elsevier, vol. 147(1), pages 353-363.
    2. Ram Dubey & Tapan Mitra, 2014. "Combining monotonicity and strong equity: construction and representation of orders on infinite utility streams," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 43(3), pages 591-602, October.
    3. Ram Sewak Dubey & Tapan Mitra, 2011. "On equitable social welfare functions satisfying the Weak Pareto Axiom: A complete characterization," International Journal of Economic Theory, The International Society for Economic Theory, vol. 7(3), pages 231-250, September.
    4. Chiaki Hara & Tomoichi Shinotsuka & Kotaro Suzumura & Yongsheng Xu, 2008. "Continuity and egalitarianism in the evaluation of infinite utility streams," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 31(2), pages 179-191, August.
    5. Claude D'Aspremont & Louis Gevers, 1977. "Equity and the Informational Basis of Collective Choice," Review of Economic Studies, Oxford University Press, vol. 44(2), pages 199-209.
    6. José Carlos R. Alcantud & María D. García-Sanz, 2013. "Evaluations of Infinite Utility Streams: Pareto Efficient and Egalitarian Axiomatics," Metroeconomica, Wiley Blackwell, vol. 64(3), pages 432-447, July.
    7. Geir B. Asheim & Tapan Mitra & Bertil Tungodden, 2007. "A New Equity Condition for Infinite Utility Streams and the Possibility of being Paretian," International Economic Association Series, in: John Roemer & Kotaro Suzumura (ed.), Intergenerational Equity and Sustainability, chapter 4, pages 55-68, Palgrave Macmillan.
    8. Banerjee, Kuntal, 2006. "On the equity-efficiency trade off in aggregating infinite utility streams," Economics Letters, Elsevier, vol. 93(1), pages 63-67, October.
    9. Sakamoto, Norihito, 2012. "Impossibilities Of Paretian Social Welfare Functions For Infinite Utility Streams With Distributive Equity," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 53(2), pages 121-130, December.
    10. Sen, Amartya, 1973. "On Economic Inequality," OUP Catalogue, Oxford University Press, number 9780198281931.
    11. Kristof Bosmans & Erwin Ooghe, 2013. "A characterization of maximin," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 1(2), pages 151-156, November.
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    Cited by:

    1. Henrik Petri, 2019. "Asymptotic properties of welfare relations," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 67(4), pages 853-874, June.

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