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Generalized time-invariant overtaking

Author

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  • ASHEIM, Geir B.
  • d’ASPREMONT, Claude

    (Université catholique de Louvain (UCL). Center for Operations Research and Econometrics (CORE))

  • BANERJEE, Kuntal

Abstract

We present a new version of the overtaking criterion, which we call generalized time invariant overtaking. The generalized time-invariant overtaking criterion (on the space of infinite utility streams) is defined by extending proliferating sequences of complete and transitive binary relations defined on finite dimensional spaces. The paper presents a general approach that can be specialized to at least two, extensively researched examples, the utilitarian and the leximin orderings on a finite dimensional Euclidean space.

Suggested Citation

  • ASHEIM, Geir B. & d’ASPREMONT, Claude & BANERJEE, Kuntal, 2008. "Generalized time-invariant overtaking," LIDAM Discussion Papers CORE 2008065, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  • Handle: RePEc:cor:louvco:2008065
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    References listed on IDEAS

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    1. Claude, d’ASPREMONT, 2005. "Formal welfarism and intergenerational equity," Discussion Papers (ECON - Département des Sciences Economiques) 2005051, Université catholique de Louvain, Département des Sciences Economiques.
    2. Kohei Kamaga & Takashi Kojima, 2010. "On the leximin and utilitarian overtaking criteria with extended anonymity," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 35(3), pages 377-392, September.
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    7. Geir Asheim & Bertil Tungodden, 2004. "Resolving distributional conflicts between generations," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 24(1), pages 221-230, July.
    8. Kamaga, Kohei & Kojima, Takashi, 2008. "Q-anonymous social welfare relations on infinite utility streams," PIE/CIS Discussion Paper 391, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
    9. d'Aspremont, Claude & Gevers, Louis, 2002. "Social welfare functionals and interpersonal comparability," Handbook of Social Choice and Welfare, in: K. J. Arrow & A. K. Sen & K. Suzumura (ed.), Handbook of Social Choice and Welfare, edition 1, volume 1, chapter 10, pages 459-541, Elsevier.
    10. Basu, Kaushik & Mitra, Tapan, 2005. "Possibility Theorems for Aggregating Infinite Utility Streams Equitably," Working Papers 05-05, Cornell University, Center for Analytic Economics.
    11. Zame, William R., 2007. "Can intergenerational equity be operationalized?," Theoretical Economics, Econometric Society, vol. 2(2), June.
    12. Lauwers, Luc, 2010. "Ordering infinite utility streams comes at the cost of a non-Ramsey set," Journal of Mathematical Economics, Elsevier, vol. 46(1), pages 32-37, January.
    13. 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.
    14. Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation for Research in Economics, Yale University.
    15. Toyotaka Sakai, 2010. "Intergenerational equity and an explicit construction of welfare criteria," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 35(3), pages 393-414, September.
    16. Basu, Kaushik & Mitra, Tapan, 2005. "On the Existence of Paretian Social Welfare Relations for Infinite Utility Streams with Extended Anonymity," Working Papers 05-06, Cornell University, Center for Analytic Economics.
    17. Svensson, Lars-Gunnar, 1980. "Equity among Generations," Econometrica, Econometric Society, vol. 48(5), pages 1251-1256, July.
    18. Bossert, Walter & Sprumont, Yves & Suzumura, Kotaro, 2007. "Ordering infinite utility streams," Journal of Economic Theory, Elsevier, vol. 135(1), pages 579-589, July.
    19. Lauwers, Luc & Vallentyne, Peter, 2004. "Infinite Utilitarianism: More Is Always Better," Economics and Philosophy, Cambridge University Press, vol. 20(2), pages 307-330, October.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Michele Lombardi & Kaname Miyagishima & Roberto Veneziani, 2016. "Liberal Egalitarianism and the Harm Principle," Economic Journal, Royal Economic Society, vol. 126(597), pages 2173-2196, November.
    2. repec:ipg:wpaper:2 is not listed on IDEAS
    3. Geir B. Asheim & Kuntal Banerjee, 2010. "Fixed‐step anonymous overtaking and catching‐up," International Journal of Economic Theory, The International Society for Economic Theory, vol. 6(1), pages 149-165, March.
    4. Luc Lauwers, 2016. "Intergenerational Equity, Efficiency, and Constructibility," Studies in Economic Theory, in: Graciela Chichilnisky & Armon Rezai (ed.), The Economics of the Global Environment, pages 191-206, Springer.
    5. Marcus Pivato, 2014. "Additive representation of separable preferences over infinite products," Theory and Decision, Springer, vol. 77(1), pages 31-83, June.
    6. Alain Ayong Le Kama & Thai Ha-Huy & Cuong Le Van & Katheline Schubert, 2014. "A never-decisive and anonymous criterion for optimal growth models," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 55(2), pages 281-306, February.
    7. Geir Asheim & Stéphane Zuber, 2013. "A complete and strongly anonymous leximin relation on infinite streams," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 41(4), pages 819-834, October.
    8. Toyotaka Sakai, 2010. "Intergenerational equity and an explicit construction of welfare criteria," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 35(3), pages 393-414, September.
    9. Mariotti, Marco & Veneziani, Roberto, 2012. "Allocating chances of success in finite and infinite societies: The utilitarian criterion," Journal of Mathematical Economics, Elsevier, vol. 48(4), pages 226-236.
    10. Alcantud, José Carlos R., 2013. "Fuzzy sets from the ethics of social preferences," MPRA Paper 53549, University Library of Munich, Germany.
    11. Jonsson, Adam & Voorneveld, Mark, 2018. "The limit of discounted utilitarianism," Theoretical Economics, Econometric Society, vol. 13(1), January.
    12. repec:ipg:wpaper:2013-002 is not listed on IDEAS
    13. Toyotaka Sakai, 2016. "Limit representations of intergenerational equity," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 47(2), pages 481-500, August.
    14. Kohei Kamaga, 2016. "Infinite-horizon social evaluation with variable population size," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 47(1), pages 207-232, June.

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    More about this item

    Keywords

    intergenerational justice; utilitarianism; leximin.;
    All these keywords.

    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

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