IDEAS home Printed from https://ideas.repec.org/p/ecl/corcae/03-05.html
   My bibliography  Save this paper

Utilitarianism for Infinite Utility Streams: A New Welfare Criterion and Its Axiomatic Characterization

Author

Listed:
  • Basu, Kaushik

    (Cornell U)

  • Mitra, Tapan

    (Cornell U)

Abstract

A definition of a utilitarian social welfare relation (SWR) for infinite utility streams is proposed. Such a relation is characterized in terms of the Pareto, Anonymity and Partial Unit Comparability Axioms. The merits of the utilitarian SWR, relative to the more restrictive SWR induced by the overtaking criterion, are examined.

Suggested Citation

  • 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.
  • Handle: RePEc:ecl:corcae:03-05
    as

    Download full text from publisher

    File URL: https://cae.economics.cornell.edu/UFIUS20May2003.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Kevin W. S. Roberts, 1980. "Interpersonal Comparability and Social Choice Theory," Review of Economic Studies, Oxford University Press, vol. 47(2), pages 421-439.
    2. Peter A. Diamond & Tjalling C. Koopmans & Richard E. Williamson, 1962. "Stationary Utility and Time Preference," Cowles Foundation Discussion Papers 142, Cowles Foundation for Research in Economics, Yale University.
    3. 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, September.
    4. Asheim, Geir B. & Buchholz, Wolfgang & Tungodden, Bertil, 2001. "Justifying Sustainability," Journal of Environmental Economics and Management, Elsevier, vol. 41(3), pages 252-268, May.
    5. M. Kaneko, 1984. "On interpersonal utility comparisons," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 1(3), pages 165-175, October.
    6. Basu, Kaushik, 1983. "Cardinal utility, utilitarianism, and a class of invariance axioms in welfare analysis," Journal of Mathematical Economics, Elsevier, vol. 12(3), pages 193-206, December.
    7. Tjalling C. Koopmans, 1959. "Stationary Ordinal Utility and Impatience," Cowles Foundation Discussion Papers 81, Cowles Foundation for Research in Economics, Yale University.
    8. Gerard Debreu, 1959. "Topological Methods in Cardinal Utility Theory," Cowles Foundation Discussion Papers 76, Cowles Foundation for Research in Economics, Yale University.
    9. 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.
    10. Blackorby, Charles & Donaldson, David & Weymark, John A, 1984. "Social Choice with Interpersonal Utility Comparisons: A Diagrammatic Introduction," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 25(2), pages 327-356, June.
    11. Sen, Amartya K, 1977. "On Weights and Measures: Informational Constraints in Social Welfare Analysis," Econometrica, Econometric Society, vol. 45(7), pages 1539-1572, October.
    12. 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.
    13. Luc Lauwers, 1996. "Rawlsian equity and generalised utilitarianism with an infinite population (*)," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 9(1), pages 143-150.
    14. Eric Maskin, 1978. "A Theorem on Utilitarianism," Review of Economic Studies, Oxford University Press, vol. 45(1), pages 93-96.
    15. Svensson, Lars-Gunnar, 1980. "Equity among Generations," Econometrica, Econometric Society, vol. 48(5), pages 1251-1256, July.
    16. Mitra, Tapan, 2004. "Intergenerational Equity and the Forest Management Problem," Working Papers 04-17, Cornell University, Center for Analytic Economics.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. 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.
    2. 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.
    3. Blackorby, Charles & Bossert, Walter, 2004. "Interpersonal comparisons of well-being," Economic Research Papers 269605, University of Warwick - Department of Economics.
    4. 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.
    5. 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.
    6. Bossert, Walter & Sprumont, Yves & Suzumura, Kotaro, 2007. "Ordering infinite utility streams," Journal of Economic Theory, Elsevier, vol. 135(1), pages 579-589, July.
    7. 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.
    8. Kaminski, Marek M., 2004. "Social choice and information: the informational structure of uniqueness theorems in axiomatic social theories," Mathematical Social Sciences, Elsevier, vol. 48(2), pages 121-138, September.
    9. Christopher Chambers, 2009. "Intergenerational equity: sup, inf, lim sup, and lim inf," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 32(2), pages 243-252, February.
    10. 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.
    11. Mitra, Tapan, 2004. "Intergenerational Equity and the Forest Management Problem," Working Papers 04-17, Cornell University, Center for Analytic Economics.
    12. Hirofumi Yamamura, 2017. "Interpersonal comparison necessary for Arrovian aggregation," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 49(1), pages 37-64, June.
    13. Asheim, Geir B. & d'Aspremont, Claude & Banerjee, Kuntal, 2010. "Generalized time-invariant overtaking," Journal of Mathematical Economics, Elsevier, vol. 46(4), pages 519-533, July.
    14. Asheim, Geir B. & Buchholz, Wolfgang & Tungodden, Bertil, 2001. "Justifying Sustainability," Journal of Environmental Economics and Management, Elsevier, vol. 41(3), pages 252-268, May.
    15. 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.
    16. Alvarez-Cuadrado, Francisco & Van Long, Ngo, 2009. "A mixed Bentham-Rawls criterion for intergenerational equity: Theory and implications," Journal of Environmental Economics and Management, Elsevier, vol. 58(2), pages 154-168, September.
    17. Geir Asheim & Walter Bossert & Yves Sprumont & Kotaro Suzumura, 2010. "Infinite-horizon choice functions," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 43(1), pages 1-21, April.
    18. Jon X. Eguia & Dimitrios Xefteris, 2019. "Social welfare with net utilities," Public Choice, Springer, vol. 179(1), pages 41-49, April.
    19. Basu, Kaushik & Mitra, Tapan, 2005. "Possibility Theorems for Aggregating Infinite Utility Streams Equitably," Working Papers 05-05, Cornell University, Center for Analytic Economics.
    20. Bossert, Walter, 1996. "The Kaldor compensation test and rational choice," Journal of Public Economics, Elsevier, vol. 59(2), pages 265-276, February.

    More about this item

    JEL classification:

    • D60 - Microeconomics - - Welfare Economics - - - General
    • D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ecl:corcae:03-05. 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: (). General contact details of provider: https://edirc.repec.org/data/cacorus.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.