Possibility Theorems for Aggregating Infinite Utility Streams Equitably
The standard route for aggregating infinite utility streams using a real-valued representation runs into well-known difficulties as soon as we insist on the axiom of inter-generational equity. The aim of this paper is to explore what is feasible without abandoning this axiom. The paper focusses its attention on the Pareto axiom and domain restrictions. It turns out that once we weaken these requirements, realvalued aggregation becomes possible in a variety of ways (though, of course, impossibility results lurk everywhere). By establishing a series of results, this paper tries to chalk out the frontier between what is possible and what is not.
|Date of creation:||May 2005|
|Date of revision:|
|Contact details of provider:|| Postal: 402 Uris Hall, Ithaca, NY 14853|
Phone: (607) 255-9901
Fax: (607) 255-2818
Web page: http://www.arts.cornell.edu/econ/CAE/workingpapers.html
More information through EDIRC
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.:
- FLEURBAEY, Marc & MICHEL, Philippe, 1997.
"Intertemporal equity and the extension of the Ramsey criterion,"
CORE Discussion Papers
1997004, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Fleurbaey, Marc & Michel, Philippe, 2003. "Intertemporal equity and the extension of the Ramsey criterion," Journal of Mathematical Economics, Elsevier, vol. 39(7), pages 777-802, September.
- M. Fleurbaey & P. Michel, 1997. "Intertemporal equity and the extension of the Ramsey criterion," THEMA Working Papers 97-11, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
- Kaushik Basu & Tapan Mitra, 2003.
"Aggregating Infinite Utility Streams with InterGenerational Equity: The Impossibility of Being Paretian,"
Econometric Society, vol. 71(5), pages 1557-1563, 09.
- Basu, Kaushik & Mitra, Tapan, 2003. "Aggregating Infinite Utility Streams with Inter-generational Equity: The Impossibility of Being Paretian," Working Papers 03-03, Cornell University, Center for Analytic Economics.
- Basu Kaushik, 1994. "Group Rationality, Utilitarianism, and Escher's Waterfall," Games and Economic Behavior, Elsevier, vol. 7(1), pages 1-9, July.
- BOSSERT, Walter & SPRUMONT, Yves & SUZUMURA, Kotaro, 2004.
"The Possibility of Ordering Infinite Utility Streams,"
Cahiers de recherche
2004-09, Universite de Montreal, Departement de sciences economiques.
- BOSSERT, Walter & SPRUMONT, Yves & SUZUMURA, Kotaro, 2004. "The Possibility of Ordering Infinite Utility Streams," Cahiers de recherche 12-2004, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
- Sen, Amartya K, 1977. "On Weights and Measures: Informational Constraints in Social Welfare Analysis," Econometrica, Econometric Society, vol. 45(7), pages 1539-72, October.
- Suzumura, Kotaro & Shinotsuka, Tomoichi, 2003. "On the Possibility of Continuous, Paretian and Egalitarian Evaluation of Infinite Utility Streams," Discussion Paper 189, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
- 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.
When requesting a correction, please mention this item's handle: RePEc:ecl:corcae:05-05. 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: ()
If references are entirely missing, you can add them using this form.