Multi-profile intergenerational social choice
Ferejohn and Page transplanted a stationarity axiom from Koopmans’ theory of impatience into Arrow’s social choice theory with an infinite horizon and showed that the Arrow axioms and stationarity lead to a dictatorship by the first generation. We prove that the negative implications of their stationarity axiom are more far-reaching: there is no Arrow social welfare function satisfying their stationarity axiom. We propose a more suitable stationarity axiom, and show that an Arrow social welfare function satisfies this modified version if and only if it is a lexicographic dictatorship where the generations are taken into consideration in chronological order.
(This abstract was borrowed from another version of this item.)
Volume (Year): 37 (2011)
Issue (Month): 3 (September)
|Contact details of provider:|| Web page: http://www.springer.com|
|Order Information:||Web: http://www.springer.com/economics/economic+theory/journal/355|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Basu, Kaushik & Mitra, Tapan, 2007.
"Utilitarianism for infinite utility streams: A new welfare criterion and its axiomatic characterization,"
Journal of Economic Theory,
Elsevier, vol. 133(1), pages 350-373, March.
- Basu, Kaushik & Mitra, Tapan, 2003. "Utilitarianism for Infinite Utility Streams: A New Welfare Criterion and Its Axiomatic Characterization," Working Papers 03-05, Cornell University, Center for Analytic Economics.
- Hammond, Peter J, 1976. "Equity, Arrow's Conditions, and Rawls' Difference Principle," Econometrica, Econometric Society, vol. 44(4), pages 793-804, July.
- Kirman, Alan P. & Sondermann, Dieter, 1972.
"Arrow's theorem, many agents, and invisible dictators,"
Journal of Economic Theory,
Elsevier, vol. 5(2), pages 267-277, October.
- KIRMAN, Alan P. & SONDERMANN, Dieter, . "Arrow's theorem, many agents, and indivisible dictators," CORE Discussion Papers RP 118, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation for Research in Economics, Yale University.
- Svensson, Lars-Gunnar, 1980. "Equity among Generations," Econometrica, Econometric Society, vol. 48(5), pages 1251-56, July.
- Kotaro Suzumura, 1999. "Welfare Economics Beyond Welfarist-Consequentialism," Discussion Paper Series a382, Institute of Economic Research, Hitotsubashi University.
- Basu, Kaushik & Mitra, Tapan, 2003.
"Aggregating Infinite Utility Streams with Inter-generational Equity: The Impossibility of Being Paretian,"
03-03, Cornell University, Center for Analytic Economics.
- Kaushik Basu & Tapan Mitra, 2003. "Aggregating Infinite Utility Streams with InterGenerational Equity: The Impossibility of Being Paretian," Econometrica, Econometric Society, vol. 71(5), pages 1557-1563, 09.
- Asheim, Geir B. & Tungodden, Bertil, 2005. "A new equity condition for infinite utility streams and the possibility of being Paretian," Memorandum 08/2005, Oslo University, Department of Economics.
- Campbell, Donald E., 1990. "Intergenerational social choice without the Pareto principle," Journal of Economic Theory, Elsevier, vol. 50(2), pages 414-423, April.
- John Ferejohn & Talbot Page, 1978. "On the Foundations of Intertemporal Choice," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 60(2), pages 269-275.
- Bossert, Walter & Sprumont, Yves & Suzumura, Kotaro, 2007. "Ordering infinite utility streams," Journal of Economic Theory, Elsevier, vol. 135(1), pages 579-589, July.
- 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.
When requesting a correction, please mention this item's handle: RePEc:spr:sochwe:v:37:y:2011:i:3:p:493-509. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)or (Rebekah McClure)
If references are entirely missing, you can add them using this form.