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Sustainable Recursive Social Welfare Functions

In: The Economics of the Global Environment

Author

Listed:
  • Geir B. Asheim

    (University of Oslo, Blindern)

  • Tapan Mitra

    (Cornell University)

  • Bertil Tungodden

    (Norwegian School of Economics and Business Administration
    Chr. Michelsen Institute)

Abstract

What ethical criterion for intergenerational justice should be adopted, e.g., when faced with the task of managing the global environment? Koopmans ’ axiomatization of discounted utilitarianism is based on seemingly compelling conditions, yet this criterion leads to hard-to-justify outcomes. The present analysis considers a class of sustainable recursive social welfare functions within Koopmans ’ general framework. This class is axiomatized by means of a weak equity condition (“Hammond Equity for the Future”) and general existence is established. Any member of the class satisfies the key axioms of Chichilnisky’s ’s “sustainable preferences”. The analysis singles out one of Koopmans’ original separability conditions (his Postulate $$3'$$ a), here called “Independent Present”, as particularly questionable from an ethical perspective.

Suggested Citation

  • Geir B. Asheim & Tapan Mitra & Bertil Tungodden, 2016. "Sustainable Recursive Social Welfare Functions," Studies in Economic Theory, in: Graciela Chichilnisky & Armon Rezai (ed.), The Economics of the Global Environment, pages 165-190, Springer.
    • Handle: RePEc:spr:steccp:978-3-319-31943-8_9
    DOI: 10.1007/978-3-319-31943-8_9
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    Keywords

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    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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