Aggregating Infinite Utility Streams with Inter-generational Equity: The Impossibility of Being Paretian
It has been known that, in aggregating infinite utility streams, there does not exist any social welfare function, which satisfies the axioms of Pareto, inter-generational equity and continuity. We show that the impossibility result persists even without imposing the continuity axiom, and in frameworks allowing for more general domains of utilities than those used in the existing literature.
|Date of creation:||Feb 2003|
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- Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation for Research in Economics, Yale University.
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